Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto?5

The bitcoin price rally this week hit a snag as the world’s most powerful banker publicized his views on the Facebook’s upcoming cryptocurrency project.

The BTC/USD instrument plunged by up to 15.43 percent to settle a session low of $11,169.36 on San Francisco-based Coinbase exchange. The move downside took place after the Federal Reserve Chairman Jerome Powell expressed ‘serious concerns’ about Facebook’s cryptocurrency, Libra. The banker said the social media giant’s project raises issues regarding “privacy, money laundering, consumer protection, and financial stability.”

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