Meanwhile Facebook CEO Mark Zukerberg appeared in front of Congress to defend Facebook’s cryptocurrency project.
Bitcoin nosedived Wednesday as Congress members highlighted the downsides of cryptocurrency on Capitol Hill. "Today's selloff is a continuation of the themes that have been plaguing crypto for the past few months — increased regulatory scrutiny," said Jeff Dorman, chief investment officer or Arca. Dorman said a "lack of positive catalysts" coupled with low trading volumes have exacerbated the moves lower.
"Cryptocurrency either doesn't work in which case investors lose a lot of money — or it does achieve its objectives, and displaces the U.S. dollar as the sole reserve currency in the world," Rep. Sherman said during the hearing. "You're going to be making powerful burglary tools and letting your business partners commit the burglary."its plan to launch a global cryptocurrency in June.
😂 Trust has been Decentralised! Whether Scamgress likes it or not, that is the truth. People will slowly lose complete faith in bankers& the fed once they see the screw ups! Believe in Mathematics not in a bunch of thieves masquerading as Trusted Third Parties!
stevelackmeyer This is why I’m holding off paying that ransom. Hang in there Grandma!
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