Bitcoin’s (BTC) plunged today, dragging the whole crypto space along with it. The total crypto market capitalization has broken below the $209 billion mark from where it had bounced on two previous occasions in late September. It has psychological support at $200 billion and below this point the total market capitalization could drop to $170 billion.
At the moment, there is not a direct reason that explains today’s strong correction. Some analysts believe that Facebook (NASDAQ:FB) CEO Mark Zuckerberg’s testimony before the United States Congress on Libra might have triggered the fall. They believe that the stiff opposition to Libra shows that Bitcoin and other cryptocurrencies will not be able to mainstream easily.