On Wednesday, the Bitcoin rate fell sharply, dropping to its lowest level since early June. The rates of other cryptocurrencies also sank.

The decline in the value of cryptocurrencies came before Facebook (NASDAQ:FB) CEO Mark Zuckerberg is scheduled to appear before the House Banking and Financial Services Committee to talk about the company’s plans to launch digital currency Libra. And this happened despite the lack of a clear connection between the two events.

The Libra project has faced skepticism amid concerns about regulatory requirements and its potential threat to the stability of the global financial system.

• The Bitcoin rate fell by 10% to $7481,6
• Litecoin fell 11% to $48,9.
• The XRP rate decreased by 8% to $0,27223
• The Ethereum rate dropped by 8% to $159,79.