Bitcoin falls as US senators grill Facebook on cryptocurrency

LONDON: The cryptocurrency market took a beating on Tuesday with bitcoin losing over 10% in value after U.S. lawmakers grilled Facebook on its cryptocurrency plans, as political and regulatory scrutiny of digital coins intensifies.
The social media giant is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch its own digital coin called Libra in 2020.
David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee. During the hearing, a U.S. senator said Facebook was “delusional” to believe people will trust it with their money.