The price of Bitcoin (the world's most popular digital currency) fell more than 7% on Wednesday to $ 7412, its lowest level since mid-May, while Facebook plans to launch its currency Libra is under great pressure.
The reason for the sharp fall in the price, which started at around 13:40 GMT yesterday, is unclear, but a larger project to launch Digital Libra is under fire.
The latest exchange rate on the Luxembourg-based Btstamp Stock Exchange in the morning trading $ 7471, down 6.6% compared to the last 24 hours.
Other cryptocurrencies were red with a decline of between 3.5% and 6%.
The sharp fall in the price of Bitcoin coincides with widespread criticism of Facebook plans to launch "Libra" in the United States and abroad.
Fears
Yesterday, Facebook CEO Mark Zuckerberg testified before the House Financial Services Committee, where lawmakers asked him about Libera's planned currency, which the company announced in June, among other issues.
The deputies investigated Zuckerberg about a variety of concerns about Libra and Facebook in general and the problems he recently faced.
Earlier this month, several early partners left the Libera currency project, including payment and finance companies Visa, MasterCard and PayPal.
On Friday, German Finance Minister Olaf Schultz renewed his criticism of Facebook's plans and said a new world currency should be banned.
Schultz said he was "very skeptical" about Facebook's plans, adding: "We will monitor the situation carefully and by all means at our disposal."
The Group of Seven industrialized nations issued a report last Thursday saying such cryptocurrencies should not be allowed until the major international risks they pose are dealt with.