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

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Trump attacks Bitcoin

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.

>> Huobi Tokens: Huobi Group Buys Back 14 Million HT Tokens

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 (BTC) Slumps 27% This Month

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Bitcoin

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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Litecoin (LTC) Corrects 35% From 52-Week High, What’s Next?

in #LTC/Banking/Charlie Lee/editorial/litcoin/litecoin/Litecoin Mining/litecoin news/Litecoin News Today/litecoin price/Litecoin Prices/Litecoin Reddit/Litecoin Stock/Litecoin today/Litecoin Value/Litecoin vs Bitcoin/litecoin wallet/LTC Coin/LTC Price/prconnect/reddit litecoin/What is Litecoin/Whats happening with LTC by
Litecoin

2019 has been an excellent year for cryptocurrencies, with most tokens having gained considerably from their lows of 2018. However, the month of July has not been kind at all as statements from key figures like the United States President and the head of the Federal Reserve have wrecked the market over the past seven days. In that regard, Litecoin (LTC) has not been able to escape the carnage either and has lost some of its value during this period. That being said, there is, at last, some good news for Litecoin amidst all the doom and gloom of an uncertain crypto market.

Litecoin on Binance Singapore

In a new development, it has been announced that Binance Singapore has added Litecoin, and while the announcement has not made a huge impact on the price yet, it is a big development. The Litecoin token had been worth $140 at one point, but currently, it is trading at only $94. However, this listing gives the token access to a much larger and wealthier base of customers.

Singapore is currently at the 36th position globally in terms of Gross Domestic Product and remains one of the world’s most foremost financial hubs. It goes without saying that the token’s listing on Binance Singapore will eventually have a significant impact on it.

>> Bitcoin (BTC) Slumps 27% This Month: Here are Two Key Reasons

LTC definitely has significant potential, and currently, it is the fourth biggest cryptocurrency in the world in terms of market cap. Hence, this particular listing has the potential of opening up the token to considerable investment from the South East Asian market. More importantly, users in Singapore will be able to buy Litecoin using the Singapore Dollar, and at this point in time, that is the only pair that has been made available. It goes without saying that more pairs will probably be introduced as the interest in Litecoin rises in the region.

Litecoin has corrected over 35% over the past month amid broader sell-off in the cryptocurrency markets. However, despite the recent correction, LTC is one of the top performers and has gained 330% from its 52-week low $22.50.

Featured image: DepositPhotos © aa-w

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DASH Losing Ground as Short Term Momentum Turns Bearish

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Dash

Dash (DASH) is down by more than 40% over the past month, on the broader cryptocurrency sector turning bearish.  Similarly, Bitcoin (BTC) has also come under pressure in recent trading sessions. The flagship cryptocurrency has already slid below the $10,000 mark after a spike to highs of $13,000 early in the month.

Comparing Payments Processes

Dash has continued to edge lower even as its CEO, Ryan Taylor, reiterates that Bitcoin is flawed as a payment solution compared to Dash. According to Taylor, his cryptocurrency is well-positioned to address all the shortcomings of the biggest cryptocurrency by market share. Dash is seeking to become a cryptocurrency for mass adoption following the introduction of instant transactions.

Low transaction fees, as well as near-instantaneous transaction settlement, are some of the attributes that make Dash stand out compared to Bitcoin. Scalability issues, as well as high transaction fees, are some of the factors that have forced people to shun Bitcoin. The likes of Dash and Ripple (XRP) have since emerged as an ideal option for settling transactions.

Taylor insists that Bitcoin is deeply flawed on payment perspective, something that his altcoin is building on as it continues to strengthen its edge on crypto transactions.

“Whoever designed it did not bring payments industry best practices to bear, and there were obvious mistakes… Absolutely every adoption factor for mass scale is the opposite of what it should be for Bitcoin,” said Mr. Taylor.

>> Litecoin (LTC) Corrects 35% from 52-Week High, What’s Next?

Dash Price Analysis

Amidst the sentiments, Dash has continued to edge lower and now faces the risk of sliding below the $100 mark. While the altcoin is still bullish as a long-term play, the short-term momentum has turned bearish following the breach of the $140 support level.

A breach of the $100 mark could result in the acceleration of the sell-off wave. Considering the emerging bear trend, this altcoin will have to bounce back and take out the $140 resistance level to spur further buying pressure. Below the $140 mark, the crypto remains susceptible to further drops.

At the time of writing, DASH is trading lower by 3% at $103.80.

Featured image: DepositPhotos © maloha13

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Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

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Bitcoin price

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.

>> DASH Losing Ground as Short Term Momentum Turns Bearish

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?

Featured Image: Deposit Photos © aa-w

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