What Zuckerberg & Libra Have to do With The Crypto Market? How Low Will BTC Goes

[cryptozink]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

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[Kyraishi]

I don't really understand the mindset behind this - how can Libra be to blame for bitcoins recent dumps in the market? They are barely alive as is.

In the recent weeks, 5 or so of their biggest partners (PayPal, Ebay, etc) all pulled out and everyone was speculating that they where a dead project and would never launch. Still looks like the case and definetly doesn't affect Bitcoin.

It's likely due to a range of factors, from whales to just a normal dump due to people selling, it's nothing huge though so no need to panic just yet.

[Artemis3]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Nothing, this is a presumptuous statement. Libra means nothing, its going to fail, its seriously flawed by design.

First you have fiat, and everyone here knows how fiat is a time bomb, the very reason Bitcoin exists is to get rid of it. Then, you have tokens, that are "pegged" to fiat, this of course depends on the goodwill of the people running those token, and they use fractional reserve too, so its even worse than fiat. And then you get this... "Libra", pegged to those tokens... I mean, seriously, how could you not see it?

Just be aware of this: The more BTC goes down, the more dramatic its recovery will be. After all, halving is coming...

[cryptozink]

Zuckerberg was in front of Congress today testifying. That has gotten a lot of publicity.

I don't really understand the mindset behind this - how can Libra be to blame for bitcoins recent dumps in the market? They are barely alive as is.

In the recent weeks, 5 or so of their biggest partners (PayPal, Ebay, etc) all pulled out and everyone was speculating that they where a dead project and would never launch. Still looks like the case and definetly doesn't affect Bitcoin.

It's likely due to a range of factors, from whales to just a normal dump due to people selling, it's nothing huge though so no need to panic just yet.

[cryptozink]

The fact that it's going to fail because of Government regulations and almost every western government bodies coming for Libra is trouble for crypto. People looking at the challenges Zuckerberg and Libra is facing as a sign of what to come for the crypto market...bad policy and resistance.

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Nothing, this is a presumptuous statement. Libra means nothing, its going to fail, its seriously flawed by design.

First you have fiat, and everyone here knows how fiat is a time bomb, the very reason Bitcoin exists is to get rid of it. Then, you have tokens, that are "pegged" to fiat, this of course depends on the goodwill of the people running those token, and they use fractional reserve too, so its even worse than fiat. And then you get this... "Libra", pegged to those tokens... I mean, seriously, how could you not see it?

Just be aware of this: The more BTC goes down, the more dramatic its recovery will be. After all, halving is coming...

[Youghoor]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Its either you don't really know and understand anything about the entire crypto market or you are just new in the crypto space. How can you just make a post saying Libra has something to do with the crushing of the crypto market. Since 2018 till now, the crushing of the crypto market is not something that is new to people in the crypto space. Libra and Zuckerberg can't be the reason behind the crushing of the market. Price fluctuations are just the nature of the market. You just need to take advantage of it and make some profits out of this crushing rather than making silly assumptions.

[CryptoBry]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Honestly, I am finding it hard to connect Libra and the current big dip that is happening with Bitcoin. And that article you just cited was published last month and it is talking the past month's dip and not the ongoing one. People have this tendency to look for answers as the possible cause of a certain event or result and when they can find one, they tend to just mixed things up and come up with a convoluted conclusion. No, I don't think we are buying this "shit" as we are already intelligent and experienced enough to discern things happening in the world of cryptocurrency. Just because we don't like Libra, it does not mean we can just use it as our scapegoat. By the way, who are these traders who are connecting the crash of Bitcoin to Libra? Just wondering here...

[Yaunfitda]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Who is blaming Libra here? I thought people are over with that hype project already. And besides, when the price goes down, we ought to find the reason and not blame someone or something. There could be whales manipulating the price again.

Or it is just the way the price needs to be at this point. Before we can enjoy another break out run at the end of the year or even goes five digits again. So there is no correlation whatsoever to bitcoin price going down to Libra coin.

[Darker45]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

I don't know what kind of traders they are but there is nothing I can see why the entire crypto market is blamed on Mark Zuckerberg and Libra. Or does the imminent fall of Libra really affect the way the entire crypto is perceived by some traders? Not sure how some traders interpret how things are turning out for Libra and Mark Zuckerberg, but I don't think an attack on Libra is an attack on Bitcoin or crypto, or that the fall of Libra is also the fall of Bitcoin or crypto.

[NeuroticFish]

I don't really understand the mindset behind this - how can Libra be to blame for bitcoins recent dumps in the market? They are barely alive as is.

The reason is most probably not this, but some may think that the hype around Libra and the proposed regulations (of which some may affect Bitcoin too) may have made investors get out.

Imho the current state is simply speculation and I expect to see pretty soon a trend reversal.

[pooya87]

there is nothing to blame here! this drop has nothing to do with Libra, people love to find excuses when there is a panic sell in the market and assign blame to someone or some incident and then panic sell some more with that excuse. Libra has been the case here. they started assigning the "rise" to Libra a couple of months ago when price was already high and now they are assigning the "drop" to Libra again as if the two have anything in common!

[nasipadang]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

I have read and seen about Mark Zuckerberg who is giving a speech in parliament and some figures who are arguing with each other. Are you sure because of the debate, I think the impact it caused is more to affect Facebook and Mark's company. Isn't there a good step for cryptocurrency if libra is launched, facebook also says libra will not avoid regulations that will be determined later.

[pakhitheboss]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Libra has nothing to do with the market. It is just a bear market. Historically October and November always have a bearish trend. Bull market will be back soon, so sit tight and wait.

[Rinimitra1926]

Bitcoin costs have quietly been in meltdown mode in recent trade which trend has accelerated amid testimony on weekday from Facebook Iraqi National Congress.’s chief operating officer Mark Zuckerberg as he tries to create a case for digital-currency payment platform Libra.
Zuckerberg is testifying ahead of the House monetary Services Committee as a Facebook-backed Libra cryptocurrency venture faces stiff restrictive headwinds within and outdoors of the U.S., with lawmakers and market pundits expressing deep issues that the planned payment system may be utilized for illicit activities.

[Wind_FURY]

OP, how can anyone blame something that will NEVER EVER launch? LIBRA WILL NEVER LAUNCH. The regulators will never let a powerful group of tech-companies play the role of the Federal Reserve for internet money.

[Kakmakr]

Well, when Libra was first announced a lot of buzz was created in the media and a lot of people looked seriously at investing in Crypto currencies, because a large corporation like Facebook was interested in creating their own. It was mostly driven by FUD that was spread on Social media platforms and a lot of misinformation.

So, it was to be expected that if the government of the USA are to request Zuckerberg to speak to their concerns about his companies decision to create their own digital payment option, then speculators that are misinformed again, would withdraw their investment in Bitcoin as a preventative measure. 

[AGD]

Though media calls Libra a Bitcoin competitor, it has nothing to do with Bitcoin at all.

[lionheart78]

People who does not know the real situation tends to look for someone to blame and this time it is the  Libra project.  I do not know what is the relation of Bitcoin price drop to Libra since Libra had never been launched yet so it does not eat a share on the pie of cryptocurrency market.

Several prediction stated that Bitcoin will probably go below $7000 but that was pure speculation because no one knows what will be the next price movement of Bitcoin.  Other say that if Bitcoin goes sideway in range of $8000 for several weeks, Bitcoin will possibly revisit the $6000 price range because the speculated that those who have longed in the previous bitcoin rally will probably sell out due to being impatient.

[Shasha80]

Mark Zuckerberg and Libra become victim because the market is deteriorating. But if we think smart there is no relationship
between the market down with project libra. This really does not make sense, maybe people are spreading this issue again
frustration and severe stress due to current market conditions. But if investors are more patient in holding bitcoin, don't panic sell
maybe this condition will not last long.

[Oneandpure]

A lot traders are blaming Mark Zuckerberg and his Libra stablecoin for Bitcoin's and the crypto market sea of reds today. What does Zuckerberg and Libra have to do with the crypto market? It's just another project right? How low will Bitcoin price falls further today?

Zuckerberg and Libra waiting permission from united government to adoption and publish Libra coin for public investor, I think united government dislike with Libra coin by never give permission for Libra become legal currency payment, US government's look very afraid one day Libra coin become most profitable and have many user around the world to use Libra as legal payment than have use other digital payment.