wry Posted July 14, 2019 #1 Posted July 14, 2019 After running up into the high and then low 13,000's Bitcoin has clearly stalled out and fallen back a bit to the low to mid 10,000s. Like most everyone else, I viewed the run up as partially motivated by the excitement about Facebook's Libra and the validation it essentially provided to the whole idea of crypto currencies. However, Libra has opened up a hornet's nest! The most fun/exciting was of course Trump's tweet but also Congressional hearings that will start this week, (and Zuckerburg is famous for being horrible in these types of things - e.g. he looks like the college drop out he is) impending IRS "rules" guidance and that's just in the USA. I'm thinking this is unnerving the market. Sound logical or is there something I'm not seeing? I guess the good news is that we have a block reward reduction coming next year, so there's that! Good Luck!
cryptofly Posted July 14, 2019 #2 Posted July 14, 2019 12 minutes ago, wry said: After running up into the high and then low 13,000's Bitcoin has clearly stalled out and fallen back a bit to the low to mid 10,000s. Like most everyone else, I viewed the run up as partially motivated by the excitement about Facebook's Libra and the validation it essentially provided to the whole idea of crypto currencies. However, Libra has opened up a hornet's nest! The most fun/exciting was of course Trump's tweet but also Congressional hearings that will start this week, (and Zuckerburg is famous for being horrible in these types of things - e.g. he looks like the college drop out he is) impending IRS "rules" guidance and that's just in the USA. I'm thinking this is unnerving the market. Sound logical or is there something I'm not seeing? I guess the good news is that we have a block reward reduction coming next year, so there's that! Good Luck! A very complete description of what is going on right now with bitcoin, libra, and all the ecosystem. I just would like to add that, many traditional major exchange houses are going to build their own cryptos and some major banks are thinking in to create the same for them. With this, coins like xrp, used to known as "coin of banks" will have many more competition. My opinion. good luck.
barbaris Posted July 14, 2019 #3 Posted July 14, 2019 It seems to me that Libra and Zuckerberg want to move Bitcoin and eventually become leaders in cryptocurrency, and I think that they can do it. I think that this is what they are trying to lower bitcoin in the price. Let's see how events will evolve.
wry Posted July 16, 2019 Author #4 Posted July 16, 2019 Okay, WOW, it was full court press (a basketball analogy for Darko) for the Bitcoin haters today!! Check out all the things that appeared to coincide with the U.S. Senate hearings on Libra: Mostly focused on hating Libra, but still, a threat to the USD, please, is the IRS going to start taking Libra? https://www.marketwatch.com/story/facebooks-libra-threatens-dollars-international-status-2019-07-15 A well know economist tries to take down Bitcoin (again): https://www.marketwatch.com/story/crypto-is-an-unregulated-casino-where-criminality-runs-riot-2019-07-16 Another financial writer tries calls Bitcoin a casino: https://www.marketwatch.com/story/donald-trump-is-right-about-bitcoin-2019-07-12 And as if on cue, Bitcoin slumps over 1100 USD to under 9500 USD. Ugh, I HATE hang overs!!!
rajamishra Posted July 16, 2019 #5 Posted July 16, 2019 hello friends its also for a good news for crypto users to so soon came to competition with mainstream currency.if libra sustained minimum 3 months in market then its threat for all currency in markets.hope libra not create any disaster for crypto markets.now all investor try to maximum entity of btc within a short period.i don't think so the price of btc downgrade rather so rapidly now btc rise before libra launched.
williamshennie9 Posted July 17, 2019 #6 Posted July 17, 2019 Personally, I don't think Libra has anything to do with this. I think it is whales who are trying to push up the price, and with each retracement of the bitcoin price, it was due to whales selling off their bitcoins.
wry Posted July 18, 2019 Author #7 Posted July 18, 2019 16 hours ago, williamshennie9 said: Personally, I don't think Libra has anything to do with this. I think it is whales who are trying to push up the price, and with each retracement of the bitcoin price, it was due to whales selling off their bitcoins. This sort of goes without saying, price going up is people buying and price going down is selling. This is from two days ago,, but is another article on the pile on of Libra with the US Treasury Secretary saying more regulation is coming: https://www.marketwatch.com/story/bitcoin-prices-hold-slight-loss-as-treasurys-mnuchin-aims-to-ratchet-up-cryptocurrency-regulation-2019-07-15?mod=mw_quote_news I really think all of this is hurting sentiment pretty badly. I saw LTC had a nice rally as I'm thinking people are thinking halving next month, we're a bit further off for BTC's block reward reduction but hopefully price will tick back up.
Featured Comment
Archived
This topic is now archived and is closed to further replies.