Bitcoin tumbles with more US criticism of Facebook's Libra currency

With bitcoin prices continuing to slide from the weekend, bitcoin holders are facing more pain by increasing the dominance of the biggest cryptocurrency of the year, as bitcoin's dominance is currently around 66%, a level not seen since April 2017.

Many analysts see Q8Trade That this negative trend continues, and the price of Bitcoin is currently about 10,300 dollars, but it is on its way to decline during the next few period, and this comes after the failure to breach the strong resistance level at 13,800 dollars that it reached at the end of last month.

Bitcoin tumbled by 17% last Friday before retreating to 11% to trade at 10,571 countries. The major cryptocurrencies also lost as Ethereum fell by 17%, and Litecoin fell by 13%.

Bitcoin

Bitcoin

The massive decline of bitcoin comes after US President Donald Trump criticized digital currencies, writing on Twitter last Thursday that he is not a fan of bitcoin and other digital currencies that are not money, and their value is very volatile and built on weak foundations, adding that crypto assets Unregulated can facilitate illegal behavior including drug and illegal activities.

These statements came after comments by Federal Reserve Chairman Jerome Powell, who are critical of digital currencies and the proposed Libra coin that Facebook is seeking to launch.

Criticisms of Bitcoin and Libra

And the matter did not end there, but he criticized the Minister offor american wardrobe Steven Mnuchin, the Libra coin that was announced by Facebook, said he had serious concerns that cryptocurrencies could be used in illegal activity, and added that he is not satisfied with Libra currently, especially in terms of protecting money laundering and illegal use.

He said they would have to convince us of very high standards before they could access the US financial system.

Some analysts are of the opinion that Bitcoin may continue to decline as President Trump's comments pressure the cryptocurrency, and the coin may drop to the $8000 level and bring back all the gains made in June.

While experts believe that corrections may be necessary after the recent rally in Bitcoin in the first and second quarters of this year, the interest of a global skeptical global leader should be a concern, however, the advantages of Bitcoin and cryptocurrencies in general Many, the most important of which is its global nature that reduces additional forex fees, and its decentralization features immunize it against jurisdiction-specific turmoil, which is why Bitcoin is a store of value for citizens in vulnerable economies like Venezuela.

In response to the negative comments made by many, David Marcus, who oversees Facebook's efforts on Libra, said its proposed plans for Libra are not built to compete with traditional currencies or interfere in monetary policy.

On Tuesday, Marcos was scheduled to testify before the Senate Banking Committee, where he said the proposed plans for Libra had no intention of competing with any sovereign currencies or engaging in monetary policy.

He said Facebook will not offer Libra until regulatory concerns are fully addressed and full approvals are taken.

 

Mohamed Abdel Khaleq
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