Scrutiny of Facebook’s plan to release its own digital coin, called Libra, has spoiled bitcoin’s big rally this year
By Steven Russolillo July 17, 2019 3:52 am ET Facebook Inc. FB -0.03% ’s struggle to convince lawmakers it can create a viable cryptocurrency is rubbing off on bitcoin.
Enthusiasm about Facebook’s plans drove much of the earlier rally. There was hope that Libra would bring widespread cryptocurrency adoption and legitimize the industry, from which bitcoin would benefit. On Monday, Treasury Secretary Steven Mnuchin raised national security concerns about Libra and said people in the past had tried to use cryptocurrencies for illegal means.
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