Friday August 23, 2019
Home Business Bitcoin Slump...

Bitcoin Slumps More than 10% as Fears of Crackdown of Cryptocurrencies Grew

Bitcoin fell 11.1% from Friday to $9,855 early on Monday, its lowest since July 2

0
//
Bitcoin, Fear, Cryptocurrencies
FILE - Bitcoins created by enthusiast Mike Caldwell are seen in a photo illustration at his office in Sandy, Utah. VOA

Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin.

Bitcoin fell 11.1% from Friday to $9,855 early on Monday, its lowest since July 2. The original cryptocurrency slumped 10.4% on Sunday alone, its second-biggest daily drop this year.

It was last up 1.3% at $10,319.

Politicians and financial regulators across the world have called for close scrutiny of Facebook’s Libra coin, with concerns ranging from consumer protection and privacy to its potential systemic risks given the social media giant’s global reach.

Bitcoin, Fear, Cryptocurrencies
Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny. Pixabay

In a sign of widening U.S. attention, a proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by Democratic lawmakers, according to a copy of the draft legislation seen by Reuters.

U.S. President Donald Trump had last week criticized bitcoin, Libra and other cryptocurrencies, demanding that firms seek a banking charter and subject themselves to U.S. and global regulations if they wanted to “become a bank”.

Bitcoin, which initially shrugged off Trump’s Tweet, fell sharply after U.S. Federal Reserve Chairman Jerome Powell called for a halt to Facebook’s project until concerns from privacy to money laundering were addressed.

“Together they have increased the tail risk that the U.S. will look to crack down on it in some way,” said Jamie Farquhar, portfolio manager at crypto firm NKB Group in London.

Also Read- More Indians Getting Fatter but Fewer Undernourished

Underscoring the growing attention on Facebook’s plans, Japanese authorities have also set up a working group to look at Libra’s possible impact on monetary policy and financial regulation, government sources told Reuters.

European Central Bank policymaker Benoit Coeure is due to deliver a preliminary report on the matter at a meeting of G7 finance ministers this week in Chantilly, north of Paris.

Bitcoin climbed nearly 55% in nine days after Facebook unveiled its plans for Libra on June 18, touching an 18-month high of nearly $14,000. The project has boosted hopes among some investors that cryptocurrencies could gain wider acceptance. (IANS)

Next Story

SpankChain Launches SpankPay so Users can Pay for Porn with Bitcoin

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said

0
SpankChain, Porn, Cryptocurrency
Adult content platform SpankChain has launched SpankPay, a cryptocurrency payments platform, which will be integrated. Pixabay

 Soon, you will be able to pay Bitcoins to watch porn. Adult content platform SpankChain has launched SpankPay, a cryptocurrency payments platform, which will be integrated to allow for a single payment solution across number of different online adult sites.

The payment to watch premium porn via SpankPay would charge a 0.5 percent transaction fee, the company said in a statement.

SpankChain has launched the service with two integration partners, SkyPrivate and JustFor.Fans, offering a low-cost way for users to consume adult content online.

Users can use different cryptocurrencies — including Bitcoin, Ethereum and privacy-focused coins such as Zcash and Monero — for instant transactions and one-click purchasing.

SpankChain, Porn, Cryptocurrency
Soon, you will be able to pay Bitcoins to watch porn. Pixabay

“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience. We are proud to launch it with SkyPrivate and JustFor.Fans, which are lead by two of the most forward-thinking business leaders in the adult space,” said Ameen Soleimani, CEO of SpankChain

Dominic Ford, creator of JustFor.Fans, said they excited to offer cryptocurrency payment options to its subscribers.

“Using SpankChain, we don’t have to worry about being shut down due to the fact we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly,” he said.

Also Read- Reduce Intake of ‘Ugly Cholesterol’ for Stroke Prevention: Researchers

Pornhub last year announced a partnership with anonymous cryptocurrency Verge. (IANS)