Bitcoin Falls as Congress Battle Takes Off

Bitcoin continued to slide on Thursday, trading down more than 2% and falling as low as $58,283. The most famous cryptocurrency is now very apart from its highs around $69,000, recorded on November 10.

US Congress is pushing some of the most sharply divergent views on cryptocurrencies. Speaking at a Congressional hearing, Democrats argue that the markets have become rife with manipulation, fraud, and “stable-coin” tokens that could actually destabilize the broader financial system.

“Digital assets are laying the foundation for turmoil of the economy to invest in this market,” said Rep. Don Beyer, Chairman of the Joint Economic Committee, in a statement. Yet cryptos “create significant consumer protection issues,” he warned.

The heightened scrutiny in Washington may be creating more unease among crypto investors, and it could be one of several factors impacting the market.