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

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.
Crypto Consensus: Bulls Are Buying the Dip Following Libra Controversy
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.

Bitcoin Craters to $10,500, Sentiment Hits December Lows: Can BTC Bounce?
Wednesday August 14, 2019

Over the past few days, bears have managed to wrest the wheel of the proverbial Bitcoin car from bulls. And since then, this class of investors has been driving BTC off a cliff. Related...

The post Bitcoin Craters to $10,500, Sentiment Hits December Lows: Can BTC Bounce? appeared first on 12bitplay - Bitcoin Play.

Are you
— fil₿fil₿ (@filbfilb) July 18, 2019

Bitcoin (BTC) Price Weekly Forecast: Decline Far From Over
Sunday August 18, 2019

There was a strong drop in bitcoin price below the $10,500 support against the US Dollar. The price is currently correcting losses, but it remains below key hurdles near $10,500. There is a bearish...

The post Bitcoin (BTC) Price Weekly Forecast: Decline Far From Over appeared first on 12bitplay - Bitcoin Play.

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.
Bitcoin Bulls Undeterred By Recent United States Regulatory Pressure
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.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto
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
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Crypto Investors Believe There’s More Pain Ahead For the Altcoin Market
Tuesday August 13, 2019

Bitcoin has had near non stop bullish momentum throughout 2019, but the altcoin market hasn’t been near as fortunate – sans a couple of outliers. The sentiment surrounding altcoins is in the gutter, and...

The post Crypto Investors Believe There’s More Pain Ahead For the Altcoin Market appeared first on 12bitplay - Bitcoin Play.

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