Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB


News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Bitcoin extends losses after Fed chief urges halt to Facebook's crypto project

share with twitter share with LinkedIn share with facebook
share via e-mail
07/11/2019 | 01:18pm EDT
FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica

LONDON (Reuters) - Bitcoin dipped almost 8% on Thursday, extending losses the day after U.S. Federal Reserve Chairman Jerome Powell called for a halt to Facebook's Libra cryptocurrency project until concerns ranging from privacy to money-laundering were addressed.

The original cryptocurrency <BTC=BTSP> initially fell 7.7% to $11,164 in early morning trade, following a 3.8% slide on Wednesday after Powell's testimony on monetary policy before the U.S. House of Representatives Financial Services Committee. It was last down 4.5%.

Other major cryptocurrencies including Ethereum <BTC=BTSP> and Ripple's XRP <XRP=BTSP> fell by similar levels.

"This is a direct response to the Powell testimony and comments on Facebook's Libra and the implications that could have for the entire cryptocurrency space," said Craig Erlam, senior market analyst at FX trading platform OANDA.

"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability," Powell told the committee, adding that he did not think the project could proceed unless those concerns were addressed.

The proposed cryptocurrency has drawn close scrutiny from policymakers and financial regulators globally. Powell said existing rules do not fit cryptocurrencies.

Other traders said the moves fitted within the pattern of bitcoin's recent volatility, where double-digit intra-day price moves have been common.

The biggest coin climbed nearly 55% in nine days after Facebook unveiled its plans for Libra on June 18, touching an 18-month high of nearly $14,000. The project has boosted hopes that cryptocurrencies could gain wider acceptance.

(This story corrects third paragraph to say Ripple's XRP, not XRP's Ripple)

(Reporting by Tom Wilson; Editing by Kevin Liffey)

By Tom Wilson

Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN - UNITED STATES DOLLAR -1.89% 10129.69 End-of-day quote.176.54%
FACEBOOK 2.00% 202.32 Delayed Quote.54.34%
RIPPLE - BITCOIN 0.58%End-of-day quote.-67.13%
RIPPLE - ETHEREUM 0.23% 0.0015 End-of-day quote.-43.55%
RIPPLE - UNITED STATES DOLLAR -1.39% 0.3163 End-of-day quote.-10.82%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on FACEBOOK
07/22FACEBOOK : Correction to Facebook's expected settlement with the FTC
07/22S&P 500 climbs toward record high, earnings in focus
07/22MARKET SNAPSHOT: Stocks Close Higher On Back Of Tech Rally; Apple Shares Boos..
07/22Facebook, Amazon and Alphabet take center stage on Wall Street
07/22FACEBOOK : FTC Set to Unveil Terms of $5 Billion Facebook Settlement
07/22MARKET SNAPSHOT: Forget The Fed -- Stock-market Investors Brace For Dow's Bus..
07/21Read Receipts Ruined Messaging. Here's How To Turn Them Off.
07/19TAKE FIVE : Preparing for a prime minister, PMIs and policymakers
07/19LONDON STOCK EXCHANGE : Fed signals help FTSE 100 brush off Italy woes, buyout s..
07/19Netflix sinks on subscriber losses, analysts still see growth
More news
Financials (USD)
Sales 2019 69 408 M
EBIT 2019 24 569 M
Net income 2019 20 574 M
Finance 2019 49 251 M
Yield 2019 -
P/E ratio 2019 28,3x
P/E ratio 2020 21,8x
EV / Sales2019 7,61x
EV / Sales2020 6,10x
Capitalization 578 B
Duration : Period :
Facebook Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 48
Average target price 221,43  $
Last Close Price 202,32  $
Spread / Highest target 23,6%
Spread / Average Target 9,44%
Spread / Lowest Target -40,7%
EPS Revisions
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK54.34%566 216
TWITTER27.94%28 193
MATCH GROUP INC79.54%21 371
LINE CORP-17.41%6 783
SINA CORP-25.65%2 813
XING SE47.16%2 207