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Bitcoin Slides as Bears Strengthen Grip

© Reuters.
© Reuters. — Bitcoin fell Wednesday as the bears strengthened their grip on the popular crypto a day after it fell below the key $10,000 level.

fell about 3.7% to $9,678. That was above session lows of $9,584.

The latest plunge in bitcoin comes as sentiment on crypto has swung negative in the wake of a barrage of criticism levelled at Facebook’s (NASDAQ:) plans to launch its Libra coin, with some potential partners appearing reluctant to throw their weight behind the project.

Alfred F. Kelly, chairman and CEO of Visa (NYSE:), said that no company has officially joined the project yet, adding that a final decision will be determined by “a number of factors,” including the ability of the Libra Association to address all regulatory concerns.

“It’s really, really early days, and there’s just a tremendous amount to be finalized,” Kelly said.

Addressing all regulatory concerns, however, could prove a bit of a sticky wicket for Facebook (NASDAQ:). Last week, U.S. lawmakers last week expressed concerns that Libra has the potential to disrupt the global banking industry.

Facebook’s Libra aside, bitcoin’s slide may continue if traders continue to pull funds, with the popular crypto’s market cap, often used to gauge demand, falling about 5% to $172 billion from a day earlier.

Other cryptos traded mixed, with falling rising 0.77% to $0.31303, down 0.46% to $210.16 and adding 2.09% to $92.57.

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