{"id":389581,"date":"2019-07-11T22:00:14","date_gmt":"2019-07-11T22:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=389581"},"modified":"2024-06-11T13:45:20","modified_gmt":"2024-06-11T13:45:20","slug":"no-bitcoin-did-not-drop-because-of-feds-concerns-with-facebooks-libra","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/no-bitcoin-did-not-drop-because-of-feds-concerns-with-facebooks-libra\/","title":{"rendered":"No, Bitcoin Did Not Drop Because of Fed\u2019s Concerns with Facebook\u2019s Libra"},"content":{"rendered":"

Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards.<\/p>\n

Naturally, the world was quick to try to pin this drop on some concrete event \u2013 rather than some technical reason \u2013 and the mainstream media\u2019s narrative is now that the Fed\u2019s recently pronounced concerns with Facebook\u2019s Libra project sparked this selloff.<\/p>\n

Fed Chairman Deems Libra as Dangerous Just Prior to Bitcoin Dropping Below $12,000<\/strong>\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down over 7% at its current price<\/a> of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday.<\/p>\n

Although it is clear that the price action over the past 24-hours has been negative, it becomes even more clear that bears are in control in the near-term while looking at BTC\u2019s weekly chart, as it is currently down from its recent highs of $13,200.<\/p>\n

The latest selloff was likely triggered by Bitcoin\u2019s move into the $13,000 region, as the cryptocurrency has been historically unable to find much buying pressure in the price region.<\/p>\n

Despite this, the current narrative circulating on the web is that Fed Chairman Jerome Powell\u2019s recent comments on Facebook\u2019s Libra being dangerous.<\/p>\n

\u201cLibra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,\u201d Powell said<\/a> while addressing the U.S. House of Representatives Financial Services Committee yesterday.<\/p><\/blockquote>\n

But Did These Comments Spark a BTC Selloff?<\/strong>\u00a0<\/strong><\/h2>\n

Although it would be easy to take Powell\u2019s comments out of context and extend the sentiment they contain across all cryptocurrencies, it is important to note that his concerns were specific to Libra<\/a>, and not necessarily relevant to Bitcoin and other cryptocurrencies.<\/p>\n

Moreover, many cryptocurrency proponents similarly share concerns with Facebook\u2019s Libra project, as it entails a whole host of potential problems with centralization and privacy that cryptocurrencies like Bitcoin don\u2019t have.<\/p>\n

Despite this, some analysts still believe bearishness regarding Libra is the cause behind the recent drop.<\/p>\n

Craig Erlam, the senior market analyst at OANDA, told Reuters that the latest BTC pullback is directly due to Powell\u2019s Libra concerns.<\/p>\n

\u201cThis is a direct response to the Powell testimony and comments on Facebook\u2019s Libra and the implications that could have for the entire cryptocurrency space,\u201d he said.<\/p><\/blockquote>\n

In spite of this sentiment, it is important to note that it has been clear for quite some time that those who harbor power within the US government have been concerned with Libra<\/a>, and there have already been multiple calls for Libra to be shut down that had little to no effect on Bitcoin and the crypto markets.<\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards. Naturally, the world was quick to try to pin this drop on some concrete event \u2013 rather than some technical reason \u2013 and the mainstream media\u2019s narrative is now that the Fed\u2019s recently pronounced concerns with Facebook\u2019s Libra project sparked this selloff. Fed Chairman Deems Libra as Dangerous Just Prior to Bitcoin Dropping Below $12,000\u00a0 At the time of writing, Bitcoin is trading down over 7% at its current price of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday. Although it is clear that the price action over the past 24-hours has been negative, it becomes even more clear that bears are in control in the near-term while looking at BTC\u2019s weekly chart, as it is currently down from its recent highs of $13,200. The latest selloff was likely triggered by Bitcoin\u2019s move into the $13,000 region, as the cryptocurrency has been historically unable to find much buying pressure in the price region. Despite this, the current narrative circulating on the web is that Fed Chairman Jerome Powell\u2019s recent comments on Facebook\u2019s Libra being dangerous. \u201cLibra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,\u201d Powell said while addressing the U.S. House of Representatives Financial Services Committee yesterday. But Did These Comments Spark a BTC Selloff?\u00a0 Although it would be easy to take Powell\u2019s comments out of context and extend the sentiment they contain across all cryptocurrencies, it is important to note that his concerns were specific to Libra, and not necessarily relevant to Bitcoin and other cryptocurrencies. Moreover, many cryptocurrency proponents similarly share concerns with Facebook\u2019s Libra project, as it entails a whole host of potential problems with centralization and privacy that cryptocurrencies like Bitcoin don\u2019t have. Despite this, some analysts still believe bearishness regarding Libra is the cause behind the recent drop. Craig Erlam, the senior market analyst at OANDA, told Reuters that the latest BTC pullback is directly due to Powell\u2019s Libra concerns. \u201cThis is a direct response to the Powell testimony and comments on Facebook\u2019s Libra and the implications that could have for the entire cryptocurrency space,\u201d he said. In spite of this sentiment, it is important to note that it has been clear for quite some time that those who harbor power within the US government have been concerned with Libra, and there have already been multiple calls for Libra to be shut down that had little to no effect on Bitcoin and the crypto markets. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":389582,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,2752],"class_list":["post-389581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-libra"],"acf":[],"yoast_head":"\nNo, Bitcoin Did Not Drop Because of Fed\u2019s Concerns with Facebook\u2019s Libra<\/title>\n<meta name=\"description\" content=\"The mainstream media\u2019s narrative is now that the Fed\u2019s recently pronounced concerns with Facebook\u2019s Libra project sparked this Bitcoin (BTC) selloff.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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