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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken Bitcoin Bulls

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

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.

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 "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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