Breaking: Bitcoin (BTC) Price Tumbles then Recovers Past $10k Amidst US Regulatory Warnings
Bitcoin lost $500 and gained over $1,000 within hours following US regulatory warnings.
Bitcoin, in classic fashion, once again rocked the markets today after
it dropped sharply following US government’s regulatory warnings, only to recover even faster and crossing the $10,000 psychological barrier. This week has generally been tough for Bitcoin given how Facebook’s Libra project has not done well at US Congressional hearings, where several concerns were raised regarding the tech giant’s issues with trust, data protection, and privacy.
Today, when US Treasury Secretary Mnuchin was asked about Libra, he reiterated the government’s concerns and revealed that members of the G7 had the same concerns, particularly about Facebook’s Libra and its impact on financial stability. However, Bitcoin tumbled after Mnuchin said some of the concerns applied to the leading cryptocurrency and that the government will be ensuring that Bitcoin does not become the equivalent of
Swiss accounts (money havens).
We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system,” he said during an interview with CNBC.
Following his statement, Bitcoin price went from $9,800 to $9,300 as fear gripped the market in anticipation of stricter legal measures surrounding Bitcoin and cryptocurrency transactions and trading. However, Bitcoin defied the pressure shortly afterward, with consecutive green candles helping it shoot past the previous $10,000 resistance. Bitcoin is currently trading at $10,400 as a result of this volatility. That being said, this price move cannot be considered a definitive reversal and should be approached cautiously, as it could just end up being a bull trap.
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