Bitcoin price (BTC/USD) falls below $10,000 following US Senate hearing on Libra
Yesterday’s downswing followed a hearing on Facebook’s Libra crypto project at the US Senate. Facebook’s blockchain head David Marcus yesterday testified before the Senate Banking Committee, addressing the lawmakers’ concerns regarding the project.
The Libra project was announced in June and contributed significantly to the strong cryptocurrency rally seen during that month. Facebook’s move into crypto was seen by industry watchers as a validation that the crypto sector was becoming more mainstream. However, Facebook’s announcement has also prompted scrutiny from regulators and lawmakers around the world.
In today’s trading, the Bitcoin price stood at $9,569.18, as of 09:50 BST. The digital currency has lost 11.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $170.5 billion, which represents 66% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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