The Tweet That Dropped Bitcoin Below $10K
Donal Trump Slams Bitcoin
President Donald Trump launched a string of attacks against cryptocurrencies last week. In a string of tweets, he announced that he was not a fan of cryptocurrencies including bitcoin, adding that they were not money and facilitated illegal activity. Trump then expanded his thoughts on crypto, saying that Facebook’s newly announced Libra virtual currency will have little standing or dependability and that the company should seek a banking charter and be regulated like any other financial institution.
The president of the United States naturally ended his tweets with a trademark nationalistic confidence in the US dollar.
“ 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.”
@realDonaldTrump
Jerome Powell on Libra
Crypto Markets crash $35Billion
Bitcoin’s dependence on Libra
The price of Bitcoin, which held near $13,000USD last week, fell below $10,000 earlier this morning, its lowest since July 2. The crypto market likewise has responded to Trump’s tweet shaming as Altcoins in the top ten are also in the negative territory. Ether slipped nearly 17% while XRP fell 5% and BSV sled 20%, it seems most cryptos have wiped out nearly all gains from any recent rallies. Crypto Markets as a whole have crashed $35B.
CAD Prices of top cryptos by market cap – Coinranking
The United States Senate Banking Committee has released the opening statements of David Marcus, head of Facebook’s crypto wallet Calibra today, July 15. The upcoming hearing of Libra on July 16-17 may be weighing over bitcoin, as history has shown BTC trends to drop ahead of congressional hearings on crypto and then rise on favourable outcomes.
Although Libra is widely considered a net positive for bitcoin and anti establishment asset, it is worth noting that FED President Jerome Powell has already called for a halt to Facebook’s project until concerns from privacy to money laundering are addressed. If the hearings are more optimistic, BTC may rise well past $13,800 and possibly hit record highs before the end of the third quarter.
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