Bitcoin has suffered a significant setback after plunging in value by thousands of dollars to take the cryptocurrency’s price to below $10,000.The losses mean bitcoin has shed more than a quarter of its value over the last seven days, marking the end to a prolonged period of gains that began at the beginning of 2019.The latest price crash comes after Facebook executive David Marcus appeared at a hearing to face questions about the tech giant’s plans to launch its own cryptocurrency called Libra.Bitcoin lost almost $1,000 in the space of just one hour immediately following the hearing, wiping more than $10 billion from the cryptocurrency's overall value.Bitcoin's current price of around $9,500 remains well up from the start of the year, when it was trading below $4,000, but a long way off its all-time high of close to $20,000, which it reached in late 2017.During the hearing, Mr Marcus was told by senators that Facebook is "delusional" to believe people will trust the company with their money.One senator went as far as to say Facebook pushes forward an agenda that promotes "flagrant displays of bulls***".Other senators raised concerns that the Libra cryptocurrency could be exploited by criminal organisations to facilitate money laundering, or even finance terrorist activities.After the hearing, Mr Marcus tweeted that Facebook's cryptocurrency would not be launched until the firm has "addressed regulator concerns".The notoriously volatile nature of the cryptocurrency market means it is difficult to attribute bitcoin's price movements to a single event, though many investors may have been spooked by the tough stance US lawmakers took on Facebook's attempt to launch its own cryptocurrency."The criticisms of Google, Facebook and all cryptocurrencies have unsettled investors," Marcus Swanepoel, CEO of cryptocurrency firm Luno, told The Independent.Despite the losses, many bitcoin advocates remain positive about the future of the cryptocurrency.One of the most outspoken figures in the space is cyber security pioneer John McAfee, who earlier this week stood by his bet that bitcoin will hit $1 million by the end of 2020. “Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months... It’s rising drastically,” he tweeted.
LONDON: Bitcoin fell 8 per cent on Tuesday, breaching $10,000 for the first time in two weeks after US lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies. The biggest cryptocurrency fell to $9828.89 after David Marcus, the company's top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. Earlier in the day, bitcoin had lost around 3 per cent. Traders said the trigger for the selling was not immediately clear. During the testimony, a U.S. senator said Facebook was "delusional" to believe people will trust it with their money as the social media giant fights to get Washington
With Facebook roping in former Google employee Jason Toff for a key portfolio, speculation is rife about the social networking giant preparing the launch of a serious competitor to the short video-sharing app TikTok. Toff, who earlier served as the General Manager for Twitter's short-video sharing service Vine, has joined as Facebook's Product Management Director to lead the company's recently formed New Product Experimentation (NPE) team. “I suppose it's a good time to share what I'm up to next! In two weeks, I'll be joining Facebook as a PM Director starting up a new initiative under the recently formed NPE team,” Toff announced on Twitter on Monday. Announced last week, Facebook's NPE team
Washington: The US lawmakers attacked Facebook's upcoming digital cryptocurrency Libra at a Senate hearing here, calling it "delusional" and "dangerous" and directing the social networking giant to clean up its house first before launching a new business model. David Marcus, Head of Facebook subsidiary Calibra, was grilled at the Senate Banking Committee on Tuesday, reports Tech Crunch. Democrat Senator Sherrod Brown who began the hearing blasted Facebook, saying it was "delusional" to think people would trust it with their hard-earned money. "We'd be crazy to give them a chance to let them experiment with people's bank accounts," said Brown, adding that "like a toddler who has gotten his hands
A roughly $5 billion reported settlement between Facebook and the Federal Trade Commission (FTC) to close an investigation into the Cambridge Analytica data scandal is angering Democrats and tech industry critics who see it as a weak punishment. Details of the settlement have not been made public by the agency, but The Wall Street Journal and other outlets reported on Friday that Republican FTC commissioners approved the deal in a 3-2 party-line vote last week. The biggest tech critics in Congress, who had long pushed for tough penalties on Facebook over its handling of consumer data, made it clear that the settlement terms fell short of their expectations. “The FTC just gave Facebook a Christmas
Some of Facebook's cafeteria workers on Tuesday picketed at the social network's downtown office in San Francisco, following months of negotiations over higher wages and a shorter work day. The group's union, Unite Here Local 2, says employees of food service operator Flagship Facility Services have to work multiple jobs to make ends meet in the nation's highest-cost rental market. These are workers who cook, serve meals and scrub dishes for employees of Facebook and its subsidiary, Instagram, at 181 Fremont, a new high-rise that is among the tallest in the city. Delfina Ramirez, 24, ends her shift as a line cook at Facebook midday. Most days, she then spends five hours driving for Uber. She
From the Google witch hunt to the demonizing of Facebook's Libra dial it back now before all of this gets way too out of control.
US senators Tuesday questioned whether Facebook can be trusted with a massive financial responsibility at the first public hearing on its plan for a global digital currency called Libra. The lawmakers added to criticism of the plan unveiled by Facebook last month with two dozen partners on the digital coin, touted as a way to lower costs and facilitate cross-border money transfers. David Marcus, Facebook's executive heading the digital coin effort, defended the plan during more than two hours at a Senate Banking Committee hearing on Libra, pledging to comply with all regulations to thwart money laundering and criminal activity. Yet several senators warned of the risks of the plan and questioned
The warning was issued by police in the town of Loretto, Tennessee, after a suspect tried to dispose of the stimulant methamphetamine via a commode. "Geese, and other fowl frequent our treatment ponds and we shudder to think what one all hyped up on meth would do," it said. The warning inspired a wave of jokes on social media, including from the local public library, which posted on Facebook: "Meth gators are not allowed in the library, unless they are registered service meth gators.
A man suspected of murdering 17-year-old Bianca Devins alerted police to the killing by posting photographs of her dead body on multiple social media platforms, police said. Now, Instagram is facing criticism from social media users for allegedly failing to swiftly remove the gruesome images. Instagram users took matters into their own hands by posting photos of pink clouds in Devins' honor to drown out the images of her untimely death, technology and business magazine Fast Company reported.
Stock futures: The market rally stalled Tuesday on President Trump's China trade war threat. United Airlines and CSX moved late on earnings. Lawmakers continued to grill Facebook, Apple and Amazon.