Bitcoin spent the better part of the Tuesday session trading within the $10,500-$10,750 range, as it was trying to hold on to gains it had amassed on Monday afternoon. However, the situation changed dramatically in late Tuesday trading, when the Bitcoin price plunged below the $10,000 mark. The coin tumbled to as low as $9,448.11, before closing the session at $9,477.64, down from its opening price of $10,896.65.
The coin declined further during the opening hours of today’s session, when its price dropped to a near one-month low of $9,302.47. BTC has since edged higher, but it has remained well below the $10,000 mark. At the time of writing, the Bitcoin price was hovering around the $9,600 mark, according to data from digital currency tracker Coinmarketcap.
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Bitcoin’s struggles appear to be part of a larger downtrend observed across the cryptocurrency market. Major digital coins, including Ether (ETH), Litecoin (LTC) and EOS, have seen double-digit-percentage losses over the past 24 hours.
Yesterday’s downswing followed a hearing on Facebook’s Libra crypto project at the US Senate. Facebook’s blockchain head David Marcus yesterday testified before the Senate Banking Committee, addressing the lawmakers’ concerns regarding the project.
The Libra project was announced in June and contributed significantly to the strong cryptocurrency rally seen during that month. Facebook’s move into crypto was seen by industry watchers as a validation that the crypto sector was becoming more mainstream. However, Facebook’s announcement has also prompted scrutiny from regulators and lawmakers around the world.
In today’s trading, the Bitcoin price stood at $9,569.18, as of 09:50 BST. The digital currency has lost 11.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $170.5 billion, which represents 66% of the combined value of all digital currencies.
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