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Bitcoin

Bitcoin Recovers Quickly on Technical Bounce

Bitcoin may have had a superb year up until June, but the month of July, and especially the past week, has proven to be troublesome as the price of the cryptocurrency continued to crash down. The issues with relation to Facebook’s Libra and United States President Donald Trump’s comments about cryptocurrencies like Bitcoin caused a massive drop. The token fell below $10,000 after having climbed above $13,000 earlier.

Sudden Spike

However, it seems that Bitcoin is making a comeback yet again, and today, the cryptocurrency experienced a massive spike that saw it gaining as much as $1,000 in a matter of a few minutes on most exchanges. At the time of writing, Bitcoin is up over 8% at $10,535. In fact, BTC has recovered 16% from yesterday’s low of $9,050.

Due to that incredible spike in price, Bitcoin managed to cross the important hurdle of $10,000, and eventually, the price reached $10,300. Considering the sort of trying week it’s been, this tearing spike has caused a stir in the crypto sphere.

However, it is perhaps more important to consider what it all means going forward. One Bitcoin analysts took to Twitter and stated that a pattern of this nature started back in April this year when Bitcoin was still trading at $4,000. It was also at that point when the massive bull run started that eventually took the cryptocurrency to more than $13,000 earlier this month.

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That being said, it is perhaps more interesting to look at the possible reasons why the spike might have taken place, and in this regard, it is important to note that the reasons behind a spike of this nature if hard to figure out.

It should be noted that Representative Patric McHenry said yesterday that Bitcoin can never be wished away and it is here to stay. In addition to that, the head of the Federal Reserve, who had earlier been critical of Libra, stated that Bitcoin is a “store of value.” Such an encouraging statement could have been behind this incredible spike.

Featured image: DepositPhotos © sdecoret

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Trump attacks Bitcoin

Trump Attacks Bitcoin | Is the Digital Coin Immune to His Influence?

When President Donald Trump attacks Bitcoin, what do you expect happens? The coin’s price falls, right? Maybe not so.

Last week, Trump attacked Bitcoin on Twitter, and that same day, the coin’s price climbed a little further. Okay, it didn’t exactly shoot for the moon, but it did prove its resilience by climbing and not tanking.

The next day, however, the coin began to fall.

Trump Attacks Bitcoin

But this is interesting because usually when Trump attacks any market or business, the market reacts negatively instantly—such is his power. We’ve seen it happen to Amazon shares when he attacked the company. We’ve seen it happen to Toyota shares and even the entire S&P 500 isn’t immune; it fell 1.5% in a single day when he posted tweets alluding to more tariffs on China.

When Trump calls ill on anything, shares in that anything fall. But not Bitcoin it would seem.

Here’s what he said on July 12:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crytpo Assets can facilitate unlawful behavior, including drug trade and other illegal activity […] Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Trump Attacks Bitcoin, But It Climbs the Same Day

The President didn’t hold back any punches. But the diatribe had little effect on Bitcoin price; rather the coin climbed to $11,858 on the day.

The days after the Tweet, however, did see the coin tumble and now Bitcoin is trading around the mid-$10,000 mark. Whether or not Trump’s comments caused the decline is up for debate. Some believe that Bitcoin’s subsequent fall was due to technicals, and a “typical move well within bitcoin’s current price range.” Other publications, such as FOXBusiness, believe the comments spurred on a delayed reaction and hence, a decline.

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It remains an interesting theory. Because if Bitcoin is unresponsive to Trump’s comments, then it shows that the coin is resilient in the face of government power and influence. This only serves to prove the point of the coin in the first place; a currency for the people that is beyond government control.

On the other hand, Bitcoin may have simply reacted a day later to Trump’s comments as news of his concerns spread. If so, then it is as vulnerable as any other body to influential opinion. It is interesting to note, though, that the immediate response saw the coin climb and not fall.

What are your thoughts? When Trump attacks Bitcoin, what would you expect?

Featured Image: DepositPhotos © grinvalds

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Bitcoin

Bitcoin (BTC) Slumps 27% This Month

One of the biggest stories of the year has been the roaring comeback made by Bitcoin after it went through a disappointing year in 2018. Throughout the first half of the year, the cryptocurrency made hefty gains. However, the month of July has been a bit of a bumpy ride for Bitcoin as a range of factors has affected the price.

The past week has been particularly painful for the cryptocurrency. Over the course of the past seven days, the cryptocurrency has slumped by as much as 27%, and now, it has gone below the level of $10,000 as well. On July 10, the token was trading at $13,200.

Multiple Factors

This past week the President of the United States Donald Trump criticized Bitcoin and other cryptocurrencies in a tweet. In his tweet, Trump stated that Bitcoin is responsible for billions of dollars worth of illegal activity, and experts believe that Trump’s claims had a negative impact on the cryptocurrency.

If the most powerful person in the world believes that Bitcoin is a dangerous thing, then it is almost certainly going to have an effect on its price. It is particularly problematic since 2019 was supposed to be the year in which institutional money was to come in and push the price up considerably. As a matter of fact, Fidelity has already launched a Bitcoin fund that is solely meant for its institutional investors.

>> Trump Attacks Bitcoin: Is the Digital Coin Immune to His Influence?

On top of that, the announcement by Facebook about the launch of Libra next year has caused its fair share of disruption as well. Libra has also come in for strong criticism from top policymakers like Jerome Powell, the head of the Federal Reserve. Those comments wrecked the crypto market last week, but the current week could be a crucial one as Facebook goes into Federal hearings about Libra. If it can come out of it unscathed, then there is a possibility of Bitcoin getting a bit of a reprieve.

Featured image: DepositPhotos © spaxiax

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Bitcoin price

Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

Bitcoin price has suffered its second-largest drop in a 24-hour period in 2019. Currently, the price is approximately $9,632 USD per coin, but across the day, its movement has been constant.

The world’s largest cryptocurrency by market value closed yesterday at $9,412.81 on Bitstamp; down 13.25% from its opening price of $10,848. This is the second-largest single-day drop for the coin in 2019. The first was a 13.67% drop that occurred on June 27th.

Bitcoin Price Drop

Speculation for why the drop has occurred is rife. Many are citing the growing calls for regulation of Facebook’s cryptocurrency Libra project along with cryptocurrencies in general as the biggest catalyst.

It’s been noted that Bitcoin has moved in tandem with news regarding Facebook’s Libra. For instance, after the tech giant unveiled its currency on June 18, Bitcoin price rallied from $9,000 to $13,880 USD in the week following.

It stands to reason, then, that the shift in sentiment is directly linked to a US hearing yesterday that attacked Facebook’s project. The hearing pulled no punches; senators called the company “delusional and untrustworthy” and questioned the social media giant on how it was planning to prevent money laundering.

Last week, President Donald Trump also attacked Libra when he took to Twitter to call for banking regulation for Bitcoin and Facebook’s coin. The following day, Bitcoin price began to decline, very possibly in reaction to the US President’s rant on Twitter.

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Regulation

Because of Facebook’s global presence, the impact its Libra-currency might have on economies everywhere has caused concern. The project has amassed a mix of praise and scrutiny from leaders and financial institutions, amongst others.

But the Libra cryptocurrency has brought to the fore the issue or need for regulation and now, investors are worried that the project will end up fast-tracking regulations for the entire crypto market.

What are your thoughts on this? Do you expect Bitcoin price to decline further?

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Bitcoin

Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

2019 has been an excellent year for Bitcoin (BTC) after the poor year in 2018 had instigated many to write off the cryptocurrency, and by extension, the crypto space altogether. The cryptocurrency went on a highly impressive run this year and almost replicated the sort of rally that it had enjoyed back in 2017.

However, the past few weeks have not been particularly great for a variety of reasons, but the biggest issue is the one related to Facebook’s cryptocurrency Libra. The company’s plans to launch its own cryptocurrency at some point next year was initially welcomed by the crypto space, but since then, things have not quite worked as well as one would have thought.

Libra Faces Criticism

Over the past week, Libra has come under attacks from some of the most influential figures in the global financial elite, and that has resulted in sustained bear tendencies in the market. The price of Bitcoin dropped as well, along with the prices of all the altcoins. Jerome Powell, the head of the Federal Reserve, spoke about his reservations about it and so did the United States President, Donald Trump. Bitcoin has fallen from its highs of $13,000 to levels below $10,000 today, and experts believe that the rise in price is going to be tied to Facebook’s Congress hearings that are going to end on Wednesday.

>> Blockchain and Social Media: A Match Made in Heaven?

It has been revealed that on Wednesday, David Marcus, the head of the Libra project at Facebook, is going to be grilled by the Senate Banking Committee on Tuesday, and the following day, he will need to field questions from the House Financial Services Committee. Experts believe that the doubts and uncertainties over the future of Libra are weighing heavily on the price of Bitcoin. If Facebook’s cryptocurrency manages to come out of these hearings without a lot of damage, then there is hope that Bitcoin could rise in price again.

At the time of writing, Bitcoin is looking very weak and now down 11% at $9,680.

Featured image: DepositPhotos © stevanovicigor

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