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.
Poll Shows Crypto Investors Expect ChainLink To Be Top Performing Altcoin in 2020
Tuesday January 14, 2020
The altcoin known as Chainlink had a stellar year last year in 2019, outperforming the rest of the entire crypto market by a wide margin, while many other assets fell to new lows. However,...
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— fil₿fil₿ (@filbfilb) July 18, 2019
Data Shows Why Bitcoin SV’s 163% Rally in a Week Won’t Last
Wednesday January 15, 2020
The recent gains seen by Bitcoin and the aggregated crypto market have been massive by most standards but have not even come close to comparing with the parabolic rally incurred by the controversial Bitcoin...
The post Data Shows Why Bitcoin SV’s 163% Rally in a Week Won’t Last 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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What’s Next For Bitcoin’s Price? Analyst Who Predicted 35% Crash Says This
Saturday January 18, 2020
Earlier this year, in late-September, prominent Bitcoin analyst Filb Filb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse by 35% to the...
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