Bitcoin falls below $ 10,000 in the midst of fake Ms. area trouble issues by Investing.com
© Reuters. Investing.com – prices fell on Wednesday in Asia on reports of a wave of fake Libra accounts on major social media platforms including Instagram and Facebook (NASDAQ :).
Bitcoin last traded at $ 9,610.3 by 12:28 AM ET (4:28 GMT), down 7.5%.
fell 6.2% to $ 203.53, while it was down 4.4% to 0.30522. also fell 6.6% to $ 88,338.
The false accounts on Facebook and Instagram posed as official units for Vågen, a not yet launched cryptocurrency proposed by Facebook that has been in the spotlight over the last couple of months.
Some of the fake ads offered participation in a pre-sale of Vågen at a discount, according to the Washington Post.
Such false ads could undermine confidence in Facebook and Libra, which was already under heavy control in many jurisdictions around the world, said Eswar Prasad, a financial professor at Cornell University in a report.
“Facebook has a huge worldwide network and tremendous financial muscle. . . But the only way the Libra will work well as an exchange medium is if everyone can trust it. And that's the big question right now: whether there's enough confidence in Facebook. "
G-7 Finance Ministers warned last week that Libra could potentially disrupt the world's economic system if not tightly regulated.
US President Donald Trump and Finance Secretary Steve Mnuchin also joined forces with Libra's critics and expressed serious concerns around the proposal earlier this month
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