[2019-07-11] Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra...

[Slow death]

This is the news of today:

Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns




Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.


Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.

Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.

Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”

“These are concerns that should be thoroughly and publicly addressed.”

At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days.

he drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets.

Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more...

Source: https://cointelegraph.com/news/bitcoin-price-slips-10-in-24-hrs-as-fed-raises-facebook-libra-concerns


According to this news the price increased a lot because of Libra? Can this be considered true? because if this is true then the crypto world is lost, how the hell are people still being influenced by things like these "LIbra"? What the hell people have in the heads? Libra  is a project that is not even in the market and in execution and people are having high expectations for something that is not working in practice? this is looking like the altcoin with its pump and dump scheme.

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[jseverson]

According to this news the price increased a lot because of Libra? Can this be considered true? because if this is true then the crypto world is lost, how the hell are people still being influenced by things like these "LIbra"? What the hell people have in the heads? Libra  is a project that is not even in the market and in execution and people are having high expectations for something that is not working in practice? this is looking like the altcoin with its pump and dump scheme.

A lot of people envision it as a trojan horse of sorts. It's speculated to draw the mainstream's appeal, giving them a taste of "crypto", from which they can easily move to a true and superior crypto, Bitcoin. I don't think they're necessarily correct, but it does seem to make at least some sense.

As far as I remember though, the bull run started even before the Libra announcement. It could easily still have had an effect, but who knows.

[Kemarit]

The funny thing is, they said that Libra is the main factor why the price of Bitcoin suddenly surges past 5 digits and then they blame it for the sudden slip in the last 24 hours? LOL.

We have seen this pattern in the last couple of months,, I guess that $13,000 is a big mental barrier for most investors and speculators, that's why when he hit it, selling occurs. I don't think that it has something to do with the Fed or US law makers concern. That news is already out since the last week of June so there is no correlation what so ever. It's just simply booking profit at $13,000 and then buying in dip, rinse and repeat.

[cr1776]

The move started before Libra, but more awareness doesn't hurt.

Libra was viewed by some as the gateway drug to bitcoin and crypto in general.  A problem (of many) with Libra is that it is centralized and not censorship resistant.  Wait until people are banned or shadow banned from using it.  That will demonstrate to those paying attention that they need to be in bitcoin (or elsewhere).  Libra buys nothing that couldn't be accomplished with a centralized database and credit cards.

[Lucius]

According to this news the price increased a lot because of Libra? Can this be considered true? because if this is true then the crypto world is lost, how the hell are people still being influenced by things like these "LIbra"?

How any coin which is still not exist can have affect on bitcoin today? Especially if it's something like FB Libra, which will maybe be one day just a coin pegged with fiat currency and completely centralized. Imagine if Satoshi Nakamoto is asking anyone whether or not he can start bitcoin, what is case today with Libra and any similar coin.

I think Libra is just something new, and most people do not understands enough about they are talking. It was the same with bitcoin ETFs, and today they almost fell into oblivion. Libra is just idea on the paper, and it is uncertain whether or when will start.

I do not know why you pay attention to such clickbait-low quality sites, they are not worth reading at all.

[Schirer]

And here we go again with the crypto " news" headlines. Libra has nothing to do with BTC price.

But it is nice to see the US government rising concerns about libra. if this " coin" will be introduced , it will e as serious privacy violation.

[hatshepsut93]

Crypto journalists found a new universal explanation to Bitcoin's price movements - Facebook's Libra. Yesterday we had ETF's, China bans, economic and political problems, now this. The truth is, Bitcoin is very volatile naturally, without any outside influence, but that sounds so boring, a newbies want to hear a good story, thus creating demand for explanations that sound reasonable at the first glance.

[malevolent]

It's summer, people are going to vacation, not much is happening during the so-called cucumber time of summer.

So we get these sort of articles which aren't even trying to elaborate why a negative stance towards zuckbux from some politician should have an incluence on BTC price.

[pixie85]

Utter bullshit. The run wasn't started by libra and wasn't ended by concerns about libra. Months ago when there were rumors about upcoming libra launch people were saying that it will negatively influence the value of Bitcoin by taking a part of the market for itself. Now they are saying that it influenced it positively by starting a bull run.

Why would people buy bitcoin because they heard about a centralized stablecoin launch? It makes no sense.

[1Referee]

Utter bullshit. The run wasn't started by libra and wasn't ended by concerns about libra. Months ago when there were rumors about upcoming libra launch people were saying that it will negatively influence the value of Bitcoin by taking a part of the market for itself. Now they are saying that it influenced it positively by starting a bull run.

Why would people buy bitcoin because they heard about a centralized stablecoin launch? It makes no sense.

You've got to admire how these news outlets manage to be so stupid for so long. 

They (after Bitcoin has gone up a lot) said that Bitcoin bottomed because JPM came out with their plan to launch their coin, then the increase of Bitcoin was related to the trade war between China and the US, then Libra, etc. It looks like these clowns still don't get that Bitcoin doesn't give a shit about all of this. At most the trade war might have stimulated some investors to buy Bitcoin, but the rest is just crap.

People cheer when they see the price go up like 50% in a matter of a week, then cry when there is a 10-15% correction and call manipulation.

[timerland]

According to this news the price increased a lot because of Libra? Can this be considered true? because if this is true then the crypto world is lost, how the hell are people still being influenced by things like these "LIbra"? What the hell people have in the heads? Libra  is a project that is not even in the market and in execution and people are having high expectations for something that is not working in practice? this is looking like the altcoin with its pump and dump scheme.

I completely echo your sentiments in regards to this Libra idea. Investors simply don't seem to realize that it is completely unrelated to the decentralized bitcoin, but it is understandable why they seem to fall into this fallacy since sensationalist mainstream media is hyping it up so much.

But I honestly don't think that this dump is something that is caused by Libra alone, even though this is most likely one of the contributing factors, rational or not. Panic dumping by weak hands, as well as the strong resistance at $13k, are both factors.

“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”

I'm not surprised at what the Fed said at all, though. I've long thought that Libra was a project that won't be welcomed by the decentralized end of the spectrum (i.e., bitcoin holders), nor the centralized end, i.e., central banks, due to the fact that even though it is still a centralized currency, it still takes away control in an explicit way from central banks.

The Fed's primary concern imo is that from the implementation of Libra, they wouldn't be able to implement and maintain monetary policy as effectively if it was adopted on a massive scale. From a regulator's perspective, it always raises concerns for them given the global nature of this thing. I wouldn't be surprised if the ECB or other central banks issue similar statements in the future, but I don't think this should affect BTC at all, if markets were perfectly rational.

[Betwrong]

The move started before Libra, but more awareness doesn't hurt.

Libra was viewed by some as the gateway drug to bitcoin and crypto in general. A problem (of many) with Libra is that it is centralized and not censorship resistant.  Wait until people are banned or shadow banned from using it.  That will demonstrate to those paying attention that they need to be in bitcoin (or elsewhere).  Libra buys nothing that couldn't be accomplished with a centralized database and credit cards.

I like your "gateway drug" metaphor, and I'm one those who think that Libra can be that "gateway drug" to Bitcoin and other cryptos. But I think it can happen only in the future, only after Libra was used for some time by hundreds of millions people. I bet most folks who are using Facebook have never gave Libra a thought yet, and those of them who heard of Libra, surely haven't started researching about crypto currencies right away, let alone buying Bitcoin. So, I think the recent rise to $13k had little to do with Libra, and the same goes for the current decline.

People adore hearing easy answers, which journalists are more than happy to provide.

[Vishnu.Reang]

Libra can destroy an existing crypto system, think for yourself whether it's good or bad

Don't be so negative about all the new developments. The existing cryptocurrency users are not going to abandon their coins and shift to Libra. The centralized cryptocurrency from Facebook will be able to win the support of a huge number of individuals, but almost all of them are going to use crypto for the first time. And many of these users are going to shift from Libra to BTC in due course of time.

Mark my words. In two years from now, you'll say that Libracoin is the best thing that ever happened to Bitcoin users.

[webtricks]

Libra can destroy an existing crypto system, think for yourself whether it's good or bad

Don't be so negative about all the new developments. The existing cryptocurrency users are not going to abandon their coins and shift to Libra. The centralized cryptocurrency from Facebook will be able to win the support of a huge number of individuals, but almost all of them are going to use crypto for the first time. And many of these users are going to shift from Libra to BTC in due course of time.

Mark my words. In two years from now, you'll say that Libracoin is the best thing that ever happened to Bitcoin users.

Interesting analysis I would say. More or less, I agree with you.
Although it's a kind of immature that every news about Libra good or bad effects crypto market on whole but this is how every investment market works! The real developments often known as core or fundamentals have very little contribution to price. Mostly prices are fluctuated from news, hype, FUDs, FOMOs. etc. Crypto market is no different. When the corporate giant like Facebook has stepped into crypto domain, it has to happen. But good thing is the effect of Libra is going to be positive since large proportion of general public still hesitate to invest in crypto for one reason or the other. But when company like FB is vouching for virtual currencies, people will show more willingness to buy cryptocurrencies.

[joelsamuya]

For an ordinary guy like me, sometimes it is quite hard to fathom developments in the market. If some government officials are raising big concerns on the Libra project, should it not be a big reason why Bitcoin should spike big because Bitcoin is the opposite of Libra? We always argue that the government could not do anything with Bitcoin and yet when news like this are spewing on the media, the market shrink big time. Just recently, someone predicted that Libra can be the reason why Bitcoin should be reaching the 6-digit zone soon...and yet here we are wondering what is happening. 

[davis196]

The whole Libra hype is very annoying and I still don't know why do people think that Libra helps for the bitcoin price to go up.What will happen if Facebook never launches Libra?The bitcoin price will go back to 4K?
The crypto market is so fragile and vulnerable to rumors and lies,it's frustrating.

[milewilda]

The whole Libra hype is very annoying and I still don't know why do people think that Libra helps for the bitcoin price to go up.What will happen if Facebook never launches Libra?The bitcoin price will go back to 4K?
The crypto market is so fragile and vulnerable to rumors and lies,it's frustrating.

Deal with it and its always been fragile which even on the slightest negative news or fuds can affect the entire market.People are really fan on making rumors
when theres something new that can be seen on the market which making some news or insights with it plus having those popular personalities wide open mouths telling
blah blah.When there's a decrease then those words would all took the blame.

[veleten]

The whole Libra hype is very annoying and I still don't know why do people think that Libra helps for the bitcoin price to go up.What will happen if Facebook never launches Libra?The bitcoin price will go back to 4K?
The crypto market is so fragile and vulnerable to rumors and lies,it's frustrating.

people see the timing of the Libra announcement and the price rise and attribute it to Facebook's pseudo crypto
in reality - we do not know , the bull run started a little bit earlier and there is no way to pinpoint a certain event and say it was the reason
now the price is going down slowly but surely , at 9600$ as we speak and the lows are lower , as well as the highs , do not think we shall see the ATH any time soon , sadly
crypto market is like every market out there , maybe more volatile and there are certain news that do influence it
those who predict the trend right or manipulating the price are making money , the rest are losing  - nothing extraordinary , business as usual

[timerland]

Libra can destroy an existing crypto system, think for yourself whether it's good or bad

Absolutely nobody here is saying that Libra is good, or even that it is viable in the long run. Just look at all the regulatory backlash that the Libra project has already received from central banks, despite the fact that their products haven't even been launched yet!
I think that this dip below $10k further confirms that this has got nothing to do with Libra.

Whilst it is true that prices have slipped after the Federal Reserve's comments, if you look at market developments after that, it continued to be bearish - not because of any news, per se, but rather because of the fact that market sentiment has swung significantly to the negative end, and a possibly long squeeze.

Stop attributing every single detail in BTC's price movement to Libra. Sometimes they just aren't related in any way.

[onrise]

The whole Libra hype is very annoying and I still don't know why do people think that Libra helps for the bitcoin price to go up.What will happen if Facebook never launches Libra?The bitcoin price will go back to 4K?
The crypto market is so fragile and vulnerable to rumors and lies,it's frustrating.

It is the Facebook strategy to create hype around their coin so that people start to buy their coin and will lead to higher demand among the investors as every where now people are talking about the libra coin. This is taking some effect in the btc as well as the drop happened from 13k to 10k levels in the btc prices.

[Arkham Knight]

The situation is very tricky because the more the government attacks Libra, the cryptocurrency are also affected especially bitcoin. I know the true decentralized community hate Facebook coin but when it gets positive feedback, it brings the whole crypto market up. I really hope that the people will be clarified that bitcoin is the true crypto and  Libra is just an imitation attempting to be one so any criticism in Libra will not hurt btc 's price.