Bitcoin plumbs 5-month low after Zuckerberg testimony

Bitcoin fell in spot trading on Thursday, to continue its losses for the fourth consecutive day and slump to the 5-month low it hit earlier, on increased short selling after Facebook CEO Mark Zuckerberg's testimony before the US congress about his forthcoming cryptocurrency project "Libra".

At Bitstamp exchange, Bitcoin fell by 1.5% or $114 to $7,356, after it opened at $7,470, with a session-high of $7,499.  

Bitcoin dropped 6.5% yesterday, its third straight daily loss and the largest since September 24, and posted a 5-month low of $7,293.

The total market cap of cryptocurrencies lost $1 billion today, to reach the lowest total since last May at $203 billion, as Bitcoin and most other major cryptos slumped.

The total crypto market cap is headed towards giving up the $200 billion barrier for the first time in 5 months, amid the negative market sentiment, especially after Facebook CEO Mark Zuckerberg's testimony before the US congress about his forthcoming cryptocurrency project "Libra".

In the latest signs of the sharp drop in investment demand on Bitcoin, its dominance over crypto market trading also fell to 66%, nearly 2-and-a-half-month trough.

Facebook Founder and CEO, Mark Zuckerberg, testified on Wednesday before the House Financial Services Committee about his plans to launch the cryptocurrency Libra.

Mark stated that the Libra is a risky project, but tried to ease the regulatory concerns of the skeptical US lawmakers, claiming that it could lower the cost of electronic payments and open up the global financial system to more people.

Mark seemed less optimistic about the future of the Libra launch after the strong opposition against it, and emphasized that it won't launch anywhere in the world until it gets all the US regulators approval.

Which led many to believe that the vicious opposition to the Libra and its official launch, are a severe blow to the crypto industry, to stoke the lingering doubts about the future of Bitcoin and the other major cryptos.