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Home Cryptocurrency news Bitcoin

Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken Bitcoin Bulls

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken Bitcoin Bulls
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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.

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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.

Are you

— f i l ₿ f i l ₿ (@filbfilb) July 18, 2019

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
Tags: bitcoincryptoDonald Trumpfacebooklibra
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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