Bitcoin’s price slid below $ 10,000 in just three weeks after he managed to break the level for the first time in a year. At the Libra Congressional hearing, the Calibra representatives were literally cut off, cross-examined. Politicians have expressed their profound skepticism about the security and transparency around cryptocurrencies as a whole, not just against the Libra.
The 12% drop in Bitcoin was followed by the drops of Ethereum and Litecoin by about 13%. Congress today described the Facebook project as “playing with fire”, constantly attacking the company, violating the privacy of its users. Criticism shows that financial regulators are still embarrassed at the thought of the coexistence of fiat and digital currencies. Facebook’s intentions only increased the debate about how to accurately regulate crypto.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov