Bitcoin keeps rallying; Facebook’s Libra to be scrutinized

The crypto market traded in the green on Tuesday in Asia, with Bitcoin holding tight on its grip above $11,000. The total market cap rose further to $333.4 billion from $320 billion the day before.

Bitcoin rose 4.44% to $11,161.9 by 11:22 PM ET (03:22 GMT). The coin has been performing its best these days, as last time when it reached the $11,000 level was March 2018, over a year ago.

Other major cryptocurrencies traded higher as well. Ethereum added 2.73% to $311.48, XRP went up 2.65% to $0.4686, and Litecoin gained 0.86% to $135.66.

Facebook’s crypto project known as Libra was in focus again. The U.S. House Financial Services Committee is confirmed to hold a hearing on Libra on July 17. Libra is a cryptocurrency developed by the social media giant for its users to pay online.

“The full Committee will convene a hearing entitled, ‘Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System’,” the statement read.

Committee chairwoman Rep. Maxine Waters earlier called on the social media giant to only continue the Libra project after the lawmakers and regulators have scrutinized it.

“Given the company’s troubled past, I am requesting that Facebook (NASDAQ:FB) agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she said.

The Libra project will also be heard before the Senate Banking Committee on July 16, in a session called “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.”