Investing.com - Individual cryptocurrencies registered mixed trade on Tuesday, breaking an eight-day winning streak, while Facebook (NASDAQ:FB) 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.
Bitcoin, 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, Ethereum fell 0.9% to $266.51, XRP gained 1.2% to $0.43217, while Litecoin 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 G7 central bankers to prepare a report on the project 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 investment in Moneygram (NASDAQ:MGI). The partnership will allow Moneygram to use XRP technology to handle cross-border transfers of digital funds.