The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to 'steal' away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period. The recent tumbling of Bitcoin's price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets - with the one of $8,800 that is currently in sight. Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates. From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time. We can definitely attribute the decline to the latest altcoin news where Facebook's Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump's comments on Bitcoin accelerated a further decline in the long run - despite the House Representative Kevin McCarthy who admitted to 'liking Bitcoin'. This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:

“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”

We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:

“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”

As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.

The ongoing hearing of Facebook's Libra cryptocurrency project with the Banking Committee of the United States Senate is continuing. The latest cryptocurrency news show that the US lawmakers and senators are mostly concerned about Libra's privacy and trust issues.

This is the main interrogation subject from them. As many best cryptocurrency news sites reported recently, the head of Facebook's crypto wallet Calibra is stressing the project's trust and regulatory compliance - but the regulators are not convinced.

For instance, Senator Jon Tester asked about Libra's privacy and trust issues. He questioned if Libra is able to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. As David Marcus from Calibra responded,  “we will do our best to resolve those types of issues and claims as quickly as possible.” Tester stated that “it is critical that that is resolved before it goes live.”

Another US Senator jumped in the altcoin news. Sherrod Brown of Ohio took a more critical stance towards the project and asked "do you really think people should trust Facebook with their hard-earned money?" Marcus said that Facebook “will have no special privilege,” at which point Brown interrupted: “Mr. Marcus, you know better than that.”

Brown also addressed the privacy and trust issues and asked Marcus if there is anything elected leaders can say that will convince Marcus and the company to not launch Libra. Marcus responded:

“If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours.”

When the chair of the Committee Mike Crapo asked Marcus why the Libra Corporation had chosen to register in Switzerland, Marcus said that they would also register with US regulators. He pointed out that social and financial data would be entirely separate on the Calibra Network and added "in order to earn people's trust, we will have to have the highest standards in terms of privacy."

Aside from the privacy and trust issues, the Senator and presidential candidate Elizabeth Warren (known as a big cryptocurrency critic) also jumped in the coming altcoin news and asked about Facebook's willingness to allow data portability. She asked:

“If a Facebook user wishes to use a wallet other than Calibra, will you make it easy to allow the export of other data?”

In response to this, Marcus answered "absolutely, Senator." She then followed up by asking for the same commitment for messaging apps WhatsApp and Messenger, on which Marcus hedged too.

The official hearing on Libra with the US House of Financial Services Committee is scheduled for July 17, 2019.

Analyst rips Libra, Facebook’s crypto project saying that it is the world’s worst product ever invented. In the coming altcoin news below, Karen Petrou the managing partner by the Federal Financial Analytics company noted that the project is a poorly managed product. When she appeared on the CNBC show, Petrou said that that the cryptocurrency was incompetent at best since it had unified political rivals such as the Republican President Donald Trump and Democrat Maxine waters who is the chair of the US House Financial Services Committee saying: You’ve got to admit that this is about the world’s worst product launch ever. To bring out President Trump, chairwoman Maxine Waters and now the Treasury Secretary along with the Bank of England, the head of the Federal Reserve Board and many other top policymakers to tell Facebook that they don’t feel good about this is sending a real message. The views that Petrou has are based that Facebook had skipped on the groundwork that the traditional providers of financial services normally have to go with. Petrou also expressed doubts that Facebook will be able to proceed with rolling out the crypto project in the developing world in the event that the countries such as U.S. and U.K. close their doors on it. According to her, this is because the entire financial system is highly intertwined. The backlash against Facebook’s cryptocurrency comes after the social media giant’s executives prepare to hold Congressional hearings over the week. With Libra’s already facing privacy violation accusation on its social media platforms, the lawmakers will be interested in finding out how customer data will be handled. The analyst rips Facebook’s libra project mainly because of its controversies. Back on Monday, Treasury Secretary Steven Mnuchin stated that he is concerned over Libra while nothing that Facebook will only be allowed to access the financial systems in the US but only after it convinces the regulators that it has abided by high standards. The lawmakers are also frustrated over Facebook’s lack of clarity over cryptocurrency plans. In the latest cryptocurrency news, the Bank of England governor Mark Carney stated that Libra will have to meet the highest standards before getting into the United Kingdom.

JPMorgan Chief just criticized Facebook’s crypto project Libra so we now know what he really thinks about the new project and we read more in the latest cryptocurrency news below. Jamie Dimon noted that Facebook’s crypto project could be a huge threat for the entire crypto system and this has become the burning question among the offices of Wall Street in Washington. Everyone from Donald Trump, Jerome Powell, and Maxine Waters outlined the threat that Libra poses mainly to the US dollar and Facebook’s executive David Marcus faced a huge backlash about his crypto ambitions when he testified before the US Senate Subcommittee this morning. One even joked that the appropriate government response to a company launching its own currency is to ‘’nuke it from space.’’ Dimon, on the contrary, noted that he will not spend too much time on Facebook’s Libra since its launch likely remains many years away:

 “To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened. We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”

It might be worth taking the word of the JPMorgan Chief with a little bit of doubt. After all, JPMorgan is launching its own cryptocurrency so the bank aims to deploy the asset which is the JPM Coin on a privately managed Ethereum-based blockchain. While Dimon’s comment that ‘’we’ve been talking about blockchain for seven years and very little has happened’’ it is true that as far as the adoption is concerned it is still tempting to see a subtle blow at Bitcoin like this one. As noted in the altcoin news previously, the major cryptocurrency experienced massive growth over the seven-year period and overall in its decade-long lifespan. When it comes to it price, in 2012 it was below $15 and now it is reaching new high levels every day. At Least, Dimon does not believe anymore that Bitcoin is an outright scam as he did a while ago. He noted that cryptocurrencies are a scam and are not good security-wise and many people will lose their investments.