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Bitcoin climbs back above $10k after bullish statements among Senators towards Bitcoin during Libra hearing

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Bitcoin climbs back above $10k after bullish statements among Senators towards Bitcoin during Libra hearing

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Bitcoin prices clawed back above $10k a day after it registered a dip below $9,500. While many attributed the recent market pullback to a number of factors including Trump’s tweet on Bitcoin, the controversy surrounding Libra and a selling spree. Interestingly, the recent clawback above $10.5 k is being attributed to the bullish sentiments of US Lawmakers towards Bitcoin which was quite visible during the Libra hearing on Tuesday and Wednesday.

While Senators were not-so-kind towards Facebook’s cryptocurrency project Libra and their interest in venturing into the Financial realm. The US lawmakers grilled David Marcus, the blockchain lead for Facebook for hours, questioning project libra on various aspects. Their knowledge and bullish sentiments towards Bitcoin came in as a pleasant surprise, and many believe it was one of the main reasons behind the recent price rally of bitcoin.

Bitcoin’s parabolic price movement in 2019

Bitcoin started the year at around $3,100 mark and has been bullish throughout the year, however, it started a parabolic advance in April, which took its prices above $10k in June. While the skeptics were warning of a massive pullback, Bitcoin maintained a slow and steady price movement until the end of June.

The market started showing signs of a pullback at the beginning of July where the prices fell by a massive 30% on July 2, jumped back and achieved a yearly high of above $13k on July 10, and tanked below $10K again on July 16.

US lawmakers understand the difference between Bitcoin and other cryptocurrencies

The most interesting aspect of the recently concluded Congressional hearing of project libra is that a lot of lawmakers seem to be well-educated on the difference between Bitcoin and other so-called cryptocurrencies. U.S. Representative Patrick McHenry during an interview with CNBC said,

“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society, could not kill Bitcoin.”

McHenry also noted that many new crypto tokens backed by corporations are trying to replicate the success of Bitcoin. He concluded,

“The essence of Bitcoin is what Libra and Facebook, and corporates are trying to mimic.”

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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