Bitcoin’s Price Journey
After a month filled with ups and downs that could give a roller coaster a run for its money, Bitcoin (BTC) has successfully reclaimed the $10,000 mark on July 18. This reestablished value comes after a month of relative volatility, with Bitcoin bobbing like a cork on water, at times flirting with the $10,000 threshold only to dip back below it.
From Peaks to Valleys
Bitcoin’s adventure starts back in April 2019, where it began a spectacular climb that culminated just shy of $14,000 on June 26. Alas, the ride hasn’t been smooth sailing. On July 2, the digital currency tumbled below $10,000 and notched a brief recovery to $13,000 on July 10. But in true Bitcoin fashion, it succumbed to gravity again and dipped below the mark on July 16.
Market Movements and External Influences
Some analysts attribute this week’s market corrections to a mix of technical factors and the ongoing scrutiny faced by Facebook’s Libra project. As U.S. Treasury Secretary Steven Mnuchin echoed President Trump’s famous disdain for Bitcoin, it not only shook investor confidence but added a dose of drama to the crypto saga.
Facebook’s Libra: The Unwanted Spotlight
While legislators are dissecting every aspect of the Libra project, it seems they’re learning a thing or two about Bitcoin along the way. Blockstream’s chief strategy officer, Samson Mow, suggested that Facebook would have been better off leveraging Bitcoin for their services instead of venturing into the wild world of new cryptocurrencies.
“Once Libra is compliant with every jurisdiction, it will just be a more complex PayPal governed by an association. Should’ve just used Bitcoin.”
Political Support for Bitcoin
In a refreshing twist of fate, U.S. representative Patrick McHenry expressed unwavering support for Bitcoin during an eye-opening interview on CNBC’s Squawk Box. He boldly stated, “There’s no capacity to kill Bitcoin,” implying that even extreme measures taken by foreign governments, like China’s all-knowing firewall, could not put a lid on this cryptocurrency.
According to McHenry, the ethos of Bitcoin serves as a blueprint that newcomers in the crypto space are attempting to replicate through their own versions of decentralized networks. Truly, Bitcoin remains the granddaddy of cryptocurrencies, with everyone else just trying to carve out a little space.
The Future is Uncertain Yet Bright
Despite regulatory clouds casting shadows, and debates continuing in the hallowed halls of Washington, Bitcoin has resiliently stamped its relevance on the financial landscape. As the ongoing dialogues over cryptocurrencies persist, one thing is sure: Bitcoin isn’t going anywhere, and it has the backing of some key political figures.
+ There are no comments
Add yours