RATE Group | Bitcoin plummets as cryptocurrencies come under fire from Congress
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Bitcoin plummets as cryptocurrencies come under fire from Congress

23 Oct Bitcoin plummets as cryptocurrencies come under fire from Congress

Posted at 16:26h in Cryptocurrency News by

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A smartphone displays the Bitcoin GBP market value on the stock exchange via the Yahoo Finance app.

Guillaume Payen | LightRocket | Getty Images

Bitcoin nosedived Wednesday as Congress members highlighted the downsides of cryptocurrency on Capitol Hill.

The world’s largest digital currency fell as much as 9% to a low of $7,435.26 Wednesday. That marked bitcoin’s lowest level since June.

The plunge came as Facebook CEO Mark Zuckerberg appeared before the House Financial Services Committee to defend plans for a new cryptocurrency, libra. Zuckerberg’s testimony follows a July congressional hearing where David Marcus, the former PayPal executive in charge of Facebook’s libra project, in which lawmakers blasted the project and potential for cryptocurrencies to be used for money laundering and terrorism.

“Today’s selloff is a continuation of the themes that have been plaguing crypto for the past few months — increased regulatory scrutiny,” said Jeff Dorman, chief investment officer or Arca….

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