Bitcoin dipped below the $10,000 threshold for the second time in July following a hearing on Facebook’s Libra crypto project.
The Bitcoin (BTC) price has dipped below the $10,000 price mark on July 16, while all top 20 coins by market cap are seeing significant losses.
Market visualization from Coin360
Bitcoin has dipped below $10,000 threshold for the second time this month after the biggest cryptocurrency broke a multi-month high above $13,700 on June 26. After Bitcoin attempted another recovery to reach nearly $11,000 yesterday, the major coin has dropped to $9,616 at press time, down 8.22% over the past 24 hours. The biggest cryptocurrency is down more than 22% over the past 7 days.
Meanwhile, Bitcoin’s dominance on crypto markets has continued to surge, breaking new highs since April 2017. Over the past 24 hours, Bitcoin dominance increased by around 0.5% to reach 66.6% for the first time since mid-April 2019, according to CoinMarketCap.
Bitcoin 30-day price chart. Source: Coin360
Total market cap dropped to as low as $261 billion at press time from $285 billion in the beginning of the day.
Bitcoin failed to hold the $10,000 support amid the hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate.
In his opening remarks to the hearing, Senator Sherrod Brown expressed concerns over a potential threat of adopting a global cryptocurrency developed and controlled by Facebook, claiming that Facebook is “dangerous.” On the other hand, David Marcus, Facebook's Head of Calibra, warned that if the United States fails to act on the issue, the world will eventually see another crypto initiative that would be controlled by someone else. He said:
“If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours.”
Yesterday, American entrepreneur and crypto advocate John McAfee doubled down his prediction that Bitcoin will reach $1 million by 2020, despite the sinking price.