Cryptocurrencies plunge amid Libra probe


Cryptocurrency prices were down as Facebook’s Libra is now being studied by digital money regulators on Wednesday.

Ethereum groped for form as it lost 3.8% and Litecoin decreased by 2.2%.

XRP also dipped 3.9% while leading crypto Bitcoin suffered a 4.3% fall.

The cryptocurrencies plunged in the midst of the investigation of Libra. Facebook has previously announced its plan to launch its own currency.

The European Union, according to Bloomberg, is also making an investigation to find out if Facebook is using its global influence to down other currencies.

Aside from its currency probe, Facebook continues to be under criticism as China Daily, a local newspaper in China, accused the social media titan of taking down accounts that aired Chinese campaign against Hong Kong protests.

Facebook, in response, admitted with a firm stand saying, “We’re constantly working to detect and stop this type of activity because we don’t want our services to be used to manipulate people.”

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