FILE PHOTO: A 3-D printed Facebook logo is seen on representations of the Bitcoin virtual currency in this illustration picture, June 18, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
LONDON (Reuters) – Bitcoin fell 8% on Tuesday, breaching $10,000 for the first time in two weeks after U.S. lawmakers grilled Facebook (FB.O) on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
The biggest cryptocurrency fell to $9828.89 BTC=BTSP by around 1630 GMT after David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. Earlier in the day, bitcoin had lost around 3%.
Traders said the trigger for the selling was not immediately clear. During the testimony, a U.S. senator said Facebook was “delusional” to believe people will trust it with their money as the social media giant fights to get Washington onside for its planned Libra project, aimed for launch in 2020.
Reporting by Tom Wilson; Editing Josephine Mason