Bitcoin's value falls by a third amid intense scrutiny of Facebook's Libra

Bitcoin’s value has dropped dramatically this week, falling to $9,300 earlier today, down from its high of more than $13,000 last week. Many experts believe the intense scrutiny of Facebook’s Libra cryptocurrency have caused this fall in value for Bitcoin, according to a report by The Wall Street Journal.

Although Libra initially helped boost Bitcoin, both Congress and President Trump have expressed doubts about Libra and cryptocurrencies in general. During a hearing in the Senate with Facebook, Sen. Sherrod Brown, a Democrat from Ohio, said Facebook was a “toddler who has gotten his hands on a box of matches.”

Ethan Hou, a cryptocurrency trader in Taiwan, told the WSJ that he expects more downturns in value in the short term.

“Watching the grilling that Facebook was getting from Congress, there is a lot of negative sentiment around the market,” Hou said in the report.

At the time of this story, Bitcoin’s value was $9,184.

Topics: Bitcoin, Regulatory Issues

Companies: Facebook

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