Bitcoin sheds 10% in value as Facebook Libra gets more scrutiny


As Facebook’s Libra gathers more ‘enemies’ Bitcoin, the world’s largest and most volatile digital currency has now lost close to about 11% in value in the last one week.

From rising as high as over 50% this year alone, Bitcoin has now fallen to a two-week low.

On the Luno exchange, Bitcoin has declined from a week high of N4.6 million to a week low of N3.9 million per bitcoin.

Analyst and investors in Bitcoin have attributed the dive in prices to the continuos red flags and scrutiny targeted at Facebook’s Libra digital currency.

From Washington to Brussels, Japan to Germany, regulators and policymakers have raised series of questions on the consequence of having Libra vis-a-vis financial stability, data protection and privacy bearing in mind the huge amount of influence wielded by Facebook Inc.

While Facebook said it will not launch Libra till it takes care of worries and concerns, investors and analyst in the digital currency markets see the latest policy and regulatory onslaught as an indirect war against digital currencies in general.

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