TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Breaking: Bitcoin tumbles under $10,000 as U.S. Senate mulls Facebook’s Libra

Breaking: Bitcoin tumbles under $10,000 as U.S. Senate mulls Facebook’s Libra
FXStreet TeamFXStreet TeamFXStreet

Bitcoin is falling like dead weight in the air following the break under $10,000 support. As discussed earlier the price retreated from the region above $11,000. The increasing selling pressure has overwhelmed the diminishing buying pressure to the extent that BTC/USD is trading at new July lows.

The bleeding is happening amid the ongoing US Senate hearing for Facebook cryptocurrency Libra and the proposed technology Calibra. Facebook sent David Marcus who currently oversees the development of the two projects.

Marcus has tried to clear the concerns regarding privacy, however, most of the senators are yet to be convinced that Facebook with its bad record with user privacy and data should handle a sensitive project like Libra.

More on Facebook’s Libra here: Calibra wallet to protect users against fraud: Facebook’s David Marcus at the U.S. Senate hearing

Meanwhile, Bitcoin is trading at $9,612 after recording double-digit losses. $9,500 is short-term support. However, the bear pressure remains at its highest levels on the day.

BTC/USD 15-mins chart

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.