London — Bitcoin dipped almost 8% on Thursday, extending losses the day after US Federal Reserve chair Jerome Powell called for a halt to Facebook’s Libra cryptocurrency project until concerns ranging from privacy to money-laundering were addressed.

The original cryptocurrency initially fell 7.7% to $11,164 in early morning trade, following a 3.8% slide on Wednesday after Powell's testimony on monetary policy before the US House of Representatives financial services committee. It was last down 4.5%.

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