The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10%...
LONDON - The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. During the hearing, a U.S. senator said Facebook was “delusional” to believe people will trust it with their money. “Libra is essentially slammed in the Senate,” said Lennon Sweeting, head trader at Coinsquare Capital Markets Ltd. “It’s just headline-driven volatility.”
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