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Bitcoin Chaos continues as Facebook's Mark Zuckerberg reveals the Scales




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Bitcoin and cryptocurrency markets went into meltdown this week with the bitcoin price suddenly fell off a cliff .

The bitcoin price lost about 1

5% in a shock sale on Tuesday dragging down the broader bitcoin and crypto market and trapping traders who had hoped the long-awaited Baked crypto platform launch would boost bitcoin

Now Facebook boss Mark Zuckerberg has unveiled his libra cryptocurrency, which is largely credited with sparking bitcoin & # 39; s bull run earlier this year may not launch in 2020, as previously expected .

"Obviously we want to move forward at some point soon & lsqb; and & rsqb; this has not taken many years to roll out," Zuckerberg told Nikkei Asian Review a Japanese business newspaper. "But right now I'm very focused on making sure we do this well."

Facebook's libra has been running in opposition around the world as countries, including India, France and the United States, warn that they want to undermine their national currencies, with US President Donald Trump launched a windy attack on libra, bitcoin and crypto earlier this year .

Bitcoin traders and investors have followed the evolution of Facebook's libra, which has been adopted as something of a regulatory regulatory environment and tacit approval of bitcoin's underlying blockchain technology.

"Many people have had questions and concerns, and we are committed to making sure we work through all of these before moving on," Zuckerberg added.

The Bitcoin price lost further ground yesterday, dropping 5% and dipping below the psychological $ 8,000 per bitcoin mark.

Bitcoin cash, a trader of bitcoin in itself, led the cryptocurrency market lower, recording losses for the day of over 5%, taking its weekly decline to nearly 30%.

The Bitcoin sale comes after a subdued launch of New York Stock Exchange owner Intercontinental Exchanges Baked Crypto Platform, which was unveiled last year and boasts software giant Microsoft and the Starbucks coffee chain among its partners.

Bakk's platform enables traders and institutional investors to exchange so-called "physical" futures contracts for bitcoin, which means that traders and investors are not able to sell more bitcoin than they actually have, but the total number of trades came in just 72 off the end of the first day, compared to over 5,000 traded on the first day of CME's cash settled futures, & nbsp; launched on top of bitcoin mania in December 2017 .

"Bitcoin staged a short recovery yesterday, but is again below $ 8,000 dollars and is currently trading at $ 7,990," said Marcus Swanepoel, CEO of bitcoin and cryptocurrency exchange Luno, in a note to traders.

"Similar losses have been recorded by all major altcoins. The loss of value is certainly a result of general global market negativity, but the change in the structure of the market with the launch of bitcoin futures on Bakkt is believed by a number of traders to have been a contributing factor. "

Facebook's libra, considered by some to be a bitcoin competitor, is being fielded as a global currency, with the social media giant aiming to get as many countries on board.

However, the primary target is developing countries where banks and access to finance are low.

Facebook and Zuckerberg, which launched the platform in 2006, are still rolling out from a series of data sharing and privacy scandals that have plagued the company in recent years and prompted questions about the power of some of Silicon Valley's largest Internet companies.

"Part of the approach and how we have changed is that now when we do things that are going to be very sensitive to society, we want to have a period where we can go out and talk about them and consult with you people and get feedback and work through the problems before rolling them out, "Zuckerberg said.

"And that's a very different approach than we might have taken five years ago. But I think that's the right way for us to do this on the scale we operate in."

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Bitcoin and cryptocurrency markets went into meltdowns this week, with the bitcoin price suddenly falling off a cliff.

The bitcoin price lost about 15% in a shock sale on Tuesday, pulling down the broader bitcoin and crypto market and trapped traders, who had hoped that the highly anticipated Bakkt crypto platform launch would boost bitcoin.

Now Facebook boss Mark Zuckerberg has revealed his libra cryptocurrency, which is largely credited with igniting bitcoin & # 39; s bull run earlier this year, cannot launch in 2020, as previously expected.

"Obviously we want to move on at some point soon [and] and don't have this t that many years to roll out, "Zuckerberg told Nikkei Asian Review, a Japanese business newspaper. "But right now I'm really focused on making sure we do this well."

Facebook's libra has come into opposition around the world as countries, including India, France and the United States, warn that they will undermine their national currencies, with US President Donald Trump launching a blazing attack on libra, bitcoin and crypto in the past this year.

Bitcoin traders and investors have been closely watching the development of Facebook's libra, which has been adopted as something of a cryptocurrency regulatory environment and tacit approval of bitcoin & # 39; s underlying blockchain technology.

"Many people have had questions and concerns, and we are committed to making sure we work through all of these before moving on," Zuckerberg added.

The Bitcoin price lost further ground yesterday, dropping some 5% and dipping below the psychological $ 8,000 per bitcoin mark.

Bitcoin cash, a trader of bitcoin in itself, led the cryptocurrency market lower, recording losses for the day of over 5%, taking its weekly decline to nearly 30%.

The Bitcoin sale comes after a subdued launch of New York Stock Exchange owner Intercontinental Exchanges Baked Crypto Platform, which was unveiled last year and boasts software giant Microsoft and the Starbucks coffee chain among its partners.

Bakk's platform enables traders and institutional investors to exchange so-called "physical" futures contracts for bitcoin, which means that traders and investors are not able to sell more bitcoin than they actually have, but the total number of trades arrived at just 72 by the end of the first day, compared to over 5,000 traded on the first day of CME's cash-settled futures, launched at the peak of bitcoin mania in December 2017.

"Bitcoin staged a brief improvement yesterday , but is again under [$8,000] currently trading for $ 7,990, "said Marcus Swanepoel, CEO of bitcoin and cryptocurrency exchange Luno, in a note to traders.

"Similar losses have been recorded by all major altcoins. The loss of value is certainly a result of general global market negativity, but the change in the structure of the market with the launch of bitcoin futures on Bakkt is believed by a number of traders to have been a contributing factor. "

Facebook's libra, considered by some to be a bitcoin competitor, is being fielded as a global currency, with the social media giant aiming to get as many countries on board.

However, the primary target is developing countries where banks and access to finance are low.

Facebook and Zuckerberg, which launched the platform in 2006, are still rolling out from a series of data sharing and privacy scandals that have plagued the company in recent years and prompted questions about the power of some of Silicon Valley's largest Internet companies.

"Part of the approach and how we have changed is that now when we do things that are going to be very sensitive to society, we want to have a period where we can go out and talk about them and consult with you people and get feedback and work through the problems before rolling them out, "Zuckerberg said.

"And that's a very different approach than we might have taken five years ago. But I think that's the right way for us to do this on the scale we operate in."


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