The crypto market has faced a fall of $10 billion recently. This sudden and rapid fall has just came in the crypto market before Facebook’s Libra testimony in congress.
This sudden fall in the crypto market occurred an hour before the founder of Facebook was going to appear in front of Congress for the testimony of the Libra Project.
In the market, such a bearish crisis was already flourishing as the crypto market has been shaking for some time. Some of the digital assets have already faced losses recently.
The fall in the crypto market was noticed at the start of the American trading day. The market capitalization of the world’s leading cryptocurrency bitcoin has decreased down by more than $3 billion. Apart from bitcoin, there has also been a loss above 5% in the market caps of some other top crypto assets such as Ether (ETH), Binance Coin (BNB), and Ripple (XRP).
Only USDT and TUSD gains 2%
The whole market has been under a massive fall. But while there are some cryptocurrencies who succeeded to gain some points during this crisis. These are the stablecoins: Tether (USDT) and TrueUSD (TUSD).
Both of these stablecoins have gained by 2% while trading. But the remaining crypto market has traded in the loss.
Mark Zuckerberg appears before Congress
The founder and CEO of Facebook, Mark Zuckerberg appears before Congress on Wednesday 23rd Oct. He comes in front of the House Financial Services Committee in order to give testimony about the Libra project.
In the testimony, Mark Zuckerberg intends to discuss in detail about the plans they are going to follow in the Libra project.
Libra is facing regulatory issues and is currently under pressure as regulators have some concerns about it. Some of its members such as PayPal and MasterCard have backed out from the Libra project. But Mark Zuckerberg and his team stay strong with their Libra project. That is why he decided to appear before Congress.