Cryptocurrencies Break 8-Day Rally as Focus Shifts to Facebook

Investing.com – Individual cryptocurrencies registered mixed trade on Tuesday, breaking an eight-day winning streak, while Facebook (NASDAQ:) stole headlines with details for the launch of Libra coin and its plans to create a digital wallet.

Cryptocurrencies overall were lower, with the total coin market capitalization at $282.64 billion by 11:52 AM ET (15:52 GMT), dropping back from $290.15 billion a day earlier, a level it reached with a steady climb from $244.33 billion on June 9.

, the largest alt coin by market cap, broke its own six-day rally. It was last down 1.1% at $9,062, but held onto gains of more than 15% from a week ago.

Among its closest rivals, fell 0.9% to $266.51, gained 1.2% to $0.43217, while rose 0.7% at $133.237.

In crypto sector headlines, Facebook once again stole the show as the social media giant finally revealed details of its plans for a cryptocurrency called Libra, expected to launch in the first half of 2020.

The company said it has linked with 28 partners in a Geneva-based entity called the Libra Association, which will govern the new digital coin, while Facebook itself created a subsidiary called Calibra to offer digital wallets for the cryptocurrency.

Reception was lukewarm at best with France calling on and a German member of the European Parliament warning that regulators should be on high alert.

FinTwit was ripe with jibes at the Libra with a large portion of users scoffing at the fact that if Facebook couldn’t be trusted with personal data, it could hardly produce a reliable digital currency.

Outside of Facebook, other crypto deals have also been in the headlines with blockchain company Ripple, known for its cryptocurrency XRP, announcing on Monday an (NASDAQ:). The partnership will allow Moneygram to use XRP technology to handle cross-border transfers of digital funds.

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