Bitcoin Sinks to Five-Month Low Following Zuckerberg Testimony

Bitcoin has dropped to a five-month low of $7,435 USD following Facebook CEO Mark Zuckerberg’s testimony before Congress in defense of the planned stablecoin Libra.

The world’s largest cryptocurrency fell as much as 9% to its lowest levels since June, as Zuckerberg was grilled by congressional representatives before a sitting of the House Financial Services Committee. Bitcoin has been caught in a range of $8,500 to $7,850 since the end of September; however, analysts were expecting a bullish end to today’s decline as technical charts showed signs of seller exhaustion. This did not come to fruition, …