details

The plunge came as Facebook CEO Mark Zuckerberg appeared before the House Financial Services Committee to defend plans for a new cryptocurrency, libra.

“Today’s selloff is a continuation of the themes that have been plaguing crypto for the past few months — increased regulatory scrutiny,” said Jeff Dorman, chief investment officer at Arca.

“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives, and displaces the U.S. dollar as the sole reserve currency in the world,” Sherman said during the hearing.

Despite the criticism, Zuckerberg told lawmakers in prepared remarks that the Facebook -backed libra cryptocurrency “will extend America’s financial leadership as well as our democratic values and oversight around the world.”