Bitcoin and Cryptocurrency markets went into meltdown this week with the Bitcoin price suddenly falling off a cliff. The Bitcoin price lost some 15% in a shock sell off on Tuesday, dragging down the wider Bitcoin and Crypto market and catching traders, who had hoped the hotly anticipated Bakkt crypto platform launch would give Bitcoin a boost off guard. Now, Facebook chief executive Mark Zuckerberg has revealed his Libra Cryptocurrency, which is largely credited with sparking Bitcoin’s bull runs earlier this year, may not launch in 2020, as previously expected. As told by the founder of the social media giant Mark Zuckerberg to a Japanese newspaper named Nikkei Asian Review that the management wants the roll out of the Cryptocurrency named Libra as soon as possible and not waste time in paper work and other related work concerning Libra. Facebook’s Libra has run into opposition around the world as countries; including India, France and the U.S. warn it will undermine their national currencies, with U.S. president Donald Trump launching a blistering attack on Libra, Bitcoin, and crypto earlier this year.
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The Cryptocurrency traders have been on the sidelines as the news is unfolding sideways. Facebooks Libra has been adopted as something of a benchmark for Cryptocurrency. Zuckerberg went on to add to that all the developments will be first being resolved among all the stakeholders before going ahead. The Bitcoin price lost further ground yesterday, dropping some 5% and dipping below the psychological $8,000 per Bitcoin mark.
Bitcoin cash, an offshoot of Bitcoin itself, led the Cryptocurrency market lower, recording losses for the day of over 5% and taking its weekly decline to almost 30%. The Bitcoin sell-off comes after a muted launch of the New York Stock Exchange owner Intercontinental Exchange’s Bakkt crypto platform, which was unveiled last year boasting software giant Microsoft and coffee chain Starbucks among its partners.
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