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India Among Top 5 Countries who Tweet Most About Bitcoin Followed by US, UK

The study found that 38.9 per cent of Bitcoin posts on Twitter were in the US, while 10.5 per cent came from the UK, at second place

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The study found that 38.9 per cent of Bitcoin posts on Twitter were in the US, while 10.5 per cent came from the UK, at second place. Pixabay

India is among the top five countries that tweet the most about Bitcoin and Facebook’s upcoming “Libra” cryptocurrency. The US leads in the volume of tweets referencing Bitcoin and “Libra” digital coin that is expected to come in 2020, revealed crypto-trading platform The TIE in a series of tweets.

The study found that 38.9 per cent of Bitcoin posts on Twitter were in the US, while 10.5 per cent came from the UK, at second place. Canada, Turkey, India and Australia were next most prolific tweeters. “Interestingly, the US represents an even larger proportion of Libra Coin tweets — 43.8 per cent than BTC 39.8 per cent.”

The US is generally “exceedingly positive” about Bitcoin, with 61.5 per cent of tweets being favourable towards Bitcoin. On average, 59.8 per cent of Bitcoin tweets are positive worldwide.

Among countries that represent at least .5 per cent of total Bitcoin conversations, Peru has been the most positive on average when talking about crypto, followed by, Malaysia, Indonesia, Vietnam and Italy. The US and the UK represent nearly 50 per cent of total Bitcoin tweets.

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Facebook is reaching out to financial firms and payments service providers to join the Libra consortium to help them launch their cryptocurrency-based payments system. Pixabay

“Like Bitcoin, the UK has the second most tweets on Libra. The UK is followed by France, Canada, and Australia as the country with the most Libra tweets,” tweeted The TIE. In India, the demand for Bitcoin has grown steadily as its volume surged from 82 to 235 in June this year, according to data by Bitcoin trading service LocalBitcoins.

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Facebook last month announced a digital wallet subsidiary called ‘Calibra’ that would launch Blockchain-powered cryptocurrency “Libra” next year to help nearly one billion people globally who don’t have a bank account but do have a mobile phone.

The new digital wallet for “Libra” currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020. Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency. (IANS)

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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

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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.

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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)