Bitcoin collapsed to $ 9,600 amid David Markus’s unconvincing responses at the Senate hearing on the Libra digital currency

The price of the first cryptocurrency rapidly went down shortly after the start of the Senate hearings of the Libra digital currency and in a short period of time fell first below $ 10,000 and then to $ 9,600. On some exchanges, the drop turned out to be even deeper – below $ 9,500.

Before the event, Bitcoin was trading at $ 10,750.

Previously, experts have already suggested that today’s hearing can have a significant impact on the short-term price movements of Bitcoin, and, apparently, their predictions come true.

The reason why the situation around Libra is associated with Bitcoin is quite simple: it is a question of the general approach of US lawmakers and regulators to a new class of assets, a place in which is now trying to conquer the project from Facebook.

Despite the fact that the main theses that Marcus was going to present to the American legislators today were published the day before, his answers to the questions asked did not always sound convincing. Sometimes it seemed that the head of the blockchain division of Facebook was simply lost in an unaccustomed setting, as indicated by the periodic pauses that Marcus took to thinking about the answers, even more stammered further.

In particular, he was unable to answer the questions about how Facebook intends to resolve issues with past user data leaks, as well as about the ambiguous social network policy, as a result of which, as senators say, interference was made in elections President of the United States from Russia in 2016.

David Marcus was also asked about why Libra decided to register in Switzerland, instead of the United States, and the head of the project did not give a direct and obvious answer to the representatives of the cryptocurrency community.

At the time of publication, the weighted average rate of Bitcoin, according to CoinMarketCap, was $ 9,720.