Cryptocurrency News Today: Bitcoin falls to its lowest level since June as Zuckerberg testifies on Libra

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Cryptocurrency News Today: Bitcoin falls to its lowest level since June as Zuckerberg testifies on Libra

FILE PHOTO: Representation of the Bitcoin virtual currency standing on a PC motherboard is seen in this illustration picture, February 3, 2src18. REUTERS/Dado Ruvic/Illustration/File PhotoReuters

  • Bitcoin slumped as much as 9% on Wednesday — hitting its lowest level since June — ahead of Facebook CEO Mark Zuckerberg’s testimonial on the company’s proposed Cryptocurrency, Libra. 
  • Zuckerberg is due to answer questions from a House Financial Services Committee about Facebook’s ambitions in financial services. 
  • Other cryptocurrencies also slipped, with Ethereum falling 10% at its lows. 
  • Watch Bitcoin trade live here.
  • View Business Insider’s homepage for more stories.

Bitcoin slipped to its lowest level since June on Wednesday as Mark Zuckerberg began his planned testimonial in front of the House Financial Services Committee. The Facebook CEO will discuss the company’s planned Cryptocurrency, Libra. 

The world’s largest Cryptocurrency fell as much as 9% to $7,418 in New York.

Lawmakers and critics have expressed concern about Facebook’s involvement in the financial system for a number of reasons:

  • The blunders it has made when handling the personal data of its social network’s members in the past
  • Its sheer size and scale, which lawmakers worry could enable Libra to grow too quickly to properly manage
  • The potential risk for the system being used by criminals or to finance terrorism

Zuckerberg is expected to be asked about these items

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