Bitcoin Slips 4% after Gensler Pledged to Control Crypto Markets

Bitcoin slid 4% on Tuesday after a Senate testimony from posibble candidate for the Securities and Exchange Commission (SEC), Gary Gensler.

Gensler said the SEC should make sure the cryptocurrency markets are 'free from fraud and manipulation'. "I think the biggest challenge is that some of the markets that operate overseas have been full of fraud," he added.

"SEC will seek to strengthen investor protection in the cryptocurrency market, including ensuring that custodians of digital assets are secure in a bid to eliminate fraud and manipulation from cryptocurrency markets," Gensler pointed out.

Bitcoin traded under $50,000 on Tuesday morning, before falling to $ 47,190 by the end of trading. Gensler is seen as an advocate of cryptocurrency, given his previous work and teachings on the topic at MIT.

Despite Tuesday's decline, Bitcoin is still up over 60% since the start of the year.