LONDON (Reuters) – Bitcoin hasn’t been the only casualty of the backlash by the world’s major economic powers against Facebook’s plans for a cryptocurrency, with smaller digital coins also feeling the burn.
FILE PHOTO: A small toy figure stands on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
Bitcoin has slumped around 30% from 18-month highs of nearly $14,000 touched after Facebook’s move, following a growing chorus of concern among regulators and politicians from the United States to Europe at the social media giant’s plans.
And the so-called altcoins have fared even worse.
The second-biggest coin Ethereum ETH=BTSP has slumped by nearly half. The third largest, Ripple’s XRP XRP=BTSP, is down by around 40%, while Litecoin LTC=BTSP and Bitcoin Cash BCH=BTSP have slumped by 40% and 42% respectively.
On Wednesday, G7 finance chiefs cast a cloud over prospects for Facebook’s Libra digital coin, insisting tough…