Bitcoin Tests $10,000 Resistance Level After U.S. Federal Reserve Chair Speech
Bitcoin and Other Cryptocurrencies Dip Down After Being Branded A National Security Issue In The United States – Trump’s Disinterest Speculated A Positive Sign For The Performance of Bitcoin.
Over the recent months, Bitcoin and other cryptocurrencies have been thrown into the limelight because of the imminent release of Facebook’s private cryptocurrency, making their value shoot up to its all-year-high of 13,000. However, U.S. President Donald Trump has made headlines after stating that Bitcoin is “based on thin air,” following the press release of U.S. Federal reserve stating closer regulation of all cryptocurrencies should be implemented.
On the other hand, the release of Libra, Facebook’s private cryptocurrency remains unexpected as U.S. Treasury Secretary Steve Mnuchin has added that the social network’s private cryptocurrency poses a risk on the national security of the country. This has further added an assault to Bitcoin which is speculated to be another additive factor of the bullish movement of Bitcoin against the U.S. Dollar.
Mnuchin further stated that the lack of regulation of cryptocurrencies has resulted in its exploitation to support the financing of illicit activity like cybercrime, extortion, illicit drugs, human trafficking, and others.
In light of all these past events, Facebook has struggled to pivot their private cryptocurrency. This fact has further sealed the speculations of the technology of Bitcoin which has pushed up the value of BTC against the dollar on June 2016.
Last week, Trump tweeted that he is not a fan of cryptocurrencies as they can facilitate unlawful behavior, being unregulated assets. However, these comments have been taken as a positive sign for some and may result in bullish news in the coming months for cryptocurrencies.