Weekly Edge: Bitcoin's Value Plummets As Facebook's Libra Comes Under Heavy Scrutiny

By Ansh Chaudhary

Up until three weeks ago, bitcoin was flying high, quadrupling in value in just months. Trading around $3,000 in December, the cryptocurrency rallied to above $13,000 as recently as a week ago, according to The Wall Street Journal. CNBC reports that some attribute the rally to safe-haven buying in response to the continuing U.S.-China trade war, saying "it's seen by some believers as a store of value, or 'digital gold.'" However, the Journal reports that others attribute bitcoin's rally to the enthusiasm created by Facebook's (NASDAQ:FB) plans to release its own cryptocurrency, Libra.

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