Categories: Bitcoin Business

Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken Bitcoin Bulls

Click here to view original web page at

All this week, the crypto market has been under a microscope both by politicians with regulatory power, and throughout the entire crypto community hoping to determine what long-term implications Facebook’s Libra will create for Bitcoin now that policymakers are up in arms over the asset class.

Following a negative tweet from United States President Donald Trump and expressed distaste from nearly every governmental department in the US, Bitcoin price was expected to fall, but has instead risen sharply. The price action shows that recent regulatory pressure has had little impact on bulls, and a new poll on Twitter further backs up that sentiment with raw data.

Ever since Bitcoin left its bear market bottom behind back in April, the entire crypto space has switched to “buy the dip mode” on Bitcoin, and has been quickly scooping up cheaper Bitcoin at the first sign of a drop.

Related Reading | Bitcoin Suddenly Surges Past $10,000 as Bear Trend Dies; Factors & Trends

Even recent regulatory pressure has not deterred bulls, who are primarily in a long position, according to a recent poll shared by crypto analyst FilbFilb.

More than half of the respondents voted that they were in a long position, expecting Bitcoin price go rally further. Bitcoin is up over 10% from lows around $9200 where it bounced and reinvigorated bulls. Only 11% said they were in short positions, with the remaining respondents saying they are in cash with no position, or simply asking the analyst for a price target.

The writing was on the wall once Binance revealed that it would be cutting off users residing within the United States from its exchange, where it offers a wide swath of exotic altcoins for trading. Instead, Bitcoin exchange Binance will launch a US-based exchange with a yet-to-be-revealed partner that caters specifically to American customers.

In hindsight, this was the start of the domino effect we’re seeing. Or perhaps it was the Facebook Libra reveal, that was meet with much skepticism, excitement, and in terms of the United States government and how they’ve reacted to the situation, fear.

The government appears to be fearing Facebook as a corporation along with its other corporate crony giants like Mastercard and PayPal becoming too powerful and competing with the US dollar. Facebook’s Libra is designed to be a digital replacement for the dollar, and the government isn’t happy about it.

It’s caused them to look more closely at other digital replacements for the dollar, including Bitcoin, and it’s sent the market into a tailspin that could put Bitcoin’s new bull run in jeopardy.

Featured image from Shutterstock

Tags:bitcoincryptoDonald Trumpfacebooklibra Play BTC Games, ETH Games, USDT Games, BCH Games, LTC Games


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Late Hal Finney Predicted $10 Million Per BTC After Satoshi Release

Although some Bitcoin critics will spite anyone who believes that the cryptocurrency will be worth more than 1000× its current… Read More

4 hours ago

Bitcoin {BTC} adoption: chief as well as U.K. Central Bank leader are optimistic about virtual currencies

Bitcoin is placed right at the top of the market, with the BTC dominance rate currently at 68.7%. The trading… Read More

4 hours ago

Top Pro Athletes Like Messi Would Make a Killing in Bitcoin Earnings

According to Messari research, Lionel Messi's take-home pay would be "12,700 $BTC" annually. Cristiano Ronaldo's would be 10,000 bitcoins. |… Read More

4 hours ago

House Financial Services Committee Will Continue Libra Review

Representative Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, says the committee will continue to… Read More

4 hours ago

Circle CEO Says Tokenized Fiat Currencies Are on the Horizon

Jeremy Allaire, the CEO of blockchain-based, crypto-inclusive money transfer company Circle, said that the firm has long held that major… Read More

4 hours ago

Devcon uses Ethereum platform to issue 150 tickets

Devcon5, the Ethereum Foundation’s fifth annual conference which takes place October 8-11 in Osaka, Japan, is using the Ethereum platform… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More