There is currently a session of Congress in which Mark Zuckerberg has to justify the Libra project as a significant, valuable and secure project. However, the government's hostility to the project outweighs the sentiment of Bitcoin.
The world's largest digital currency fell by more than 8% to levels of 7418. Other digital currencies such as Ether and Litecoin also fell by about 9.5% and 12%, respectively. The sell-off intensifies with the passage of Congress, but no longer at this pace.
In addition to Libra, news from Alphabet that they have created a computer reaches "quantum advantage". This computer calculates within 200 seconds, which otherwise takes 10,000 years at the fastest computers in the world. Cryptocurrency skeptics have noted that advances in cloud computing have shifted the need for efficient blockchain and crypto space.
As is often the case with digital currencies, traders point to a number of reasons that have catalyzed the sudden fall in the price of Bitcoin. BitMex futures are believed to have led to the sale.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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