12/6/2021, 12:50 PM (Source: TeleTrader)
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Cryptos decline as execs ready to testify in Congress

The cryptocurrency market recorded another decline on Monday following a massive sell-off over the weekend prompted by news that industry executives will testify in the United States Congress on December 8. Chief executives of Circle, FTX, Bitfury Group, Paxos Trust Co, Stellar Development Foundation and Coinbase will make remarks before the House Financial Services Committee on Wednesday morning.

Meanwhile, El Salvador, the first country to have made Bitcoin its legal tender, bought another 150 coins worth nearly $7.5 million after the price plunged below $50,000. The negative sentiment was also pushed by last week's discussions on the possible effects of India's upcoming tightening of cryptocurrency regulations.

Bitcoin tumbled 2.52% to $48,229 at 6:49 am ET, while Ethereum plunged 4.26% to $4,024.

Baha Breaking the News (BBN) / ND