Bitcoin Fell on Jerome Powell's comments

Andamento del mercato - 11/07/2019

The popular cryptocurrency Bitcoin started to fall following Jerome Powell’s negative overview regarding Facebook’s intentions to start a cryptocurrency.

On Thursday, the world’s biggest crypto coin which has witnessed a sudden growth in 2019 dropped nearly 12% to $11,300 according to CoinDesk.

The popular Bitcoin reached over $13,000. And that put the Bitcoin currently up nearly 200% since the beginning of 2019. Bitcoin picked up energy while big corporations like Facebook started to become interested in the crypto world.

However, Bitcoin started losing ground while the Federal Reserve head stated that he held “serious concerns” regarding Facebook’s planned crypto coin named Libra. The social network giant is trying to launch the coin beside a consortium of corporations including Visa. On Wednesday. Powell announced at a congressional committee “Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,”  “These are concerns that should be thoroughly and publicly addressed.”

Libra holds the frame of what is identified as a "stable coin".

These are cryptocurrencies that are usually bound to currencies like the popular U.S Dollar. In Libra’s example, the coin is supported by a combination of government currencies and debt securities.

Experts have been positive on Libra, in anticipation that more cryptocurrencies may follow this example and this may be the beginning of a new trend. FED remarks hit the popular bitcoin surge and investors once again fell into uncertainty and fear.

Bitcoin wasn’t the only virtual coin to fall after Powell’s remarks. Other popular cryptocurrencies ether and XRP also fell. Ether fell about 13% to $270 a token, while XRP declined 15% to about 33 cents.


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