News Bitcoin Tanks as Zuckerberg Talks Up Libra

Bitcoin Tanks as Zuckerberg Talks Up Libra

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Bitcoin Tanks as Zuckerberg Talks Up LibraDuring a 6 + hour hearing today, Mark Zuckerberg defended both Libra and Facebook in general in front of the influential House Financial Services Committee.

During the day shares in Facebook (NASDAQ:FB) rose by over 2% as the market rose overall but also, perhaps, boosted by positive sentiment from Zuckerberg’s testimony and responses to the many probing questions.

Meanwhile, the most popular crypto Bitcoin – tanked.

Bitcoin is trading at a multi-month low of $7531 a drop of almost 8% during the day.

Some of the chatter revolved around a perception that Libra may, someday, replace Bitcoin’s top spot in the virtual currency world.

Others believe it is just more opportunistic trading in a highly volatile market that is not for the faint of heart.

Bitcoin hit its all time high in December of 2017 when it traded at around $20,000 per BTC. During 2019, Bitcoin hovered around $3500 per BTC only to regain its footing and jump to over $12,000 per BTC. Bitcoin supporters like to point to its performance in contrast to more established metrics such as the S&P 500. But then, in the end, it all depends on when you got in.

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