Bitcoin Drops On U.S. Government Scrutiny Of Facebook’s Libra
Alfonso Esparza | Jul 16, 2019 14:51
Bitcoin fell 8% on Tuesday, breaching $10,000 for the first time in two weeks after U.S. law-makers grilled Facebook (NASDAQ:FB) on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
The biggest cryptocurrency fell to $9828.89 by around 1630 GMT after David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. Earlier in the day, bitcoin had lost around 3%.
Traders said the trigger for the selling was not immediately clear. During the testimony, a U.S. senator said Facebook was “delusional” to believe people will trust it with their money as the social media giant fights to get Washington onside for its planned Libra project, aimed for launch in 2020.
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