Curious why your favorite coins are getting taken to the woodshed the last few days?
Look no further than this guy:
(Source: https://www.c-span.org/video/?462270-1/federal-reserve-chair-jerome-powell-testifies-state-economy)
Bitcoin and the like took a major beating Wednesday and Thursday...
This is happening on the heels of some not so positive comments from the Chairman of the Federal Reserve that came out late Wednesday.
Yes, it appears crypto is now large enough that even the almighty chairmen feels the need to comment on them.
Specifically, he had some choice words to say about Facebook's Libra:
"Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability. These are concerns that should be thoroughly and publicly addressed.”
If he had just said that, it wouldn't be so terrible, but it is what came next that likely really sent markets in a tailspin...
Mr. Chairman wants Facebook to cease and desist...
He called for a halt to the project until regulators’ questions about Libra are addressed, saying that the project cannot move forward until questions are answered.
Oh goody!
Much of the recent rally was likely due to Facebook entering the game and investors speculating what that might mean for the entire crypto space...
Well, now it seems like Facebook's project is postponed for the foreseeable future.
I wish I could say I am surprised by this, but I am not.
Facebook has too much control and too far of a reach for this to just slide through without the government getting involved.
Hopefully they can get it approved sooner than later and we can all go back to dreaming of new highs on bitcoin again.
Stay informed my friends.
-Doc