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BITCOIN: a decisive moment

July 20, 2019 Published by

And here we are again trying to define the market destiny!

Bulls seems to gain terrain in front of the Bears but we can not say who will win until we see what happens in front of the 11000 USD resistance level.

I personally expect for a sudden acceleration of the price upwards as soon as BTC breaks that level. If so, I am pretty sure we can bet for another higher high of BITCOIN and thus for the whole Crypto Market…

By the way, the “balance” between TETHER and BITCOIN is not met so, ALTCOINS are also getting feed here in a strongly manner:

In particular, have a look to BCH , ADA, TRON, EOS and BITCOIN SV, all of them rising higher than 10% while BITCOIN 4%…

Enjoy!

@toofasteddie

Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

Bitcoin Bulls Attempting a Breakout! Bears Fight for Control

July 20, 2019 Published by

Bitcoin continues to consolidate right below our $10,650 resistance. Price is getting squeezed within a tighter range. It looks like we should have resolution in the next 24 hours. We’re seeing a potential bullish ascending triangle, which would suggest a break to the upside to at least $11,050. Bears are struggling to confirm a 4 hour death cross on the 50 and 200 EMA. This truly is an interesting battle to watch.

Screen Shot 2019-07-20 at 11.23.15 AM.png
Screen Shot 2019-07-20 at 11.27.51 AM.png

In today’s video we discuss where price may go from here, price targets, the Litecoin halving and your questions. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

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In Bitcoin We Trust

July 19, 2019 Published by

Bob Michele, who in April told investors to enjoy the ride in risk assets, is now looking to ride U.S. Treasury yields “all the way down to zero.”

For 10-year notes “I think that’s where we’re headed over the next couple of years,” Michele, the chief investment officer and head of global fixed income at JPMorgan Asset Management, told Bloomberg TV on Thursday. “The rally in bonds hasn’t even begun yet.”

Central banks will succumb to threats from the global trade war to tepid inflation and cut borrowing costs to nothing, according to Michele. His colleagues on JPMorgan Chase & Co.’s advisory side made a similar call this week, saying the global pile of negative-yielding debt is becoming a tar pit that will eventually suck in the U.S. government bond market.

Source

We are already witnessing the greatest credit bubble in history and it’s only going to get worse as cheap fiat flood the World’s Markets.  However, this is going to have severe consequences.

The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is considered the most significant downturn since the Great Depression. The term “Great Recession” applies to both the U.S. recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009. The economic slump began when the U.S. housing market went from boom to bust, and large amounts of mortgage-backed securities (MSBs) and derivatives lost significant value.

That’s when Bitcoin was born…after the demise of the financial markets in 2009.  Satoshi once said on an online forum back in 2009 the following:

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”

Source

So don’t worry that Bitcoin is declining, if you buy now you will be handsomely rewarded as the financial markets evidentially collapse.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Bitcoin Stalls as Bears Attempt to Take Control!

July 19, 2019 Published by

After yesterday’s quick $1,200+ rise, bitcoin was met with tough resistance at $10,650. In my prior video I warned of a break down to retest $10,000. As of now, price dropped as low as $10,100 before finding support. It’s currently trading around $10,350.

Screen Shot 2019-07-19 at 11.27.46 AM.png

In today’s video we discuss where price may go from here, the 4 hour Death Cross, traps to avoid and so much more. I also answer your questions. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

If you found this post informative, please:

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Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here:
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An Exciting Week!

July 19, 2019 Published by

 

As an exciting week draws to a close, let’s take a look at some of the important happenings of this week:

Bitcoin

At the start of the week I wrote about BTC and what it may do next. At the time, I wrote that we were either looking at the formation of a bull pennant, or were gearing up for a breakdown followed by a price surge, something like this one of 2017:

 

The latter scenario looks to be the correct one, with BTC dipping, followed by the predicted rapid price recovery. I misjudged the depth of the dip though, I based my support level on the wrong data, with the result that I was off by $300. In retrospect I’m kicking myself, because I spotted the real support level during my initial analysis, but ignored it as I thought it was too small to act as effective support. The chart 2017 chart above is taken from my last BTC post. Looking at it, you can see the little zig-zag of support which formed in May at about $1800, that support level later became the bottom of the dip.

Looking at the 2019 chart below, one can clearly see where I made my mistake:

 

For me this is a lesson learnt: Don’t ignore the small support/resistance levels during weak market movements. I’ll remember that in future, hopefully that lesson can help you too.

Precious metals

Precious metals have had a whale of a time this week. Gold broke out of its 5-year-old converging triangle a month ago, signalling that greater moves were on the cards. This week we saw some of those moves. Yesterday Gold pushed up to new 2019 highs. In fact, Gold is now trading at prices last seen in May of 2013. That’s exciting for Gold investors and could mean the return of logarithmic growth for Gold. This has been a long time coming: we all knew that Gold price suppression couldn’t last forever. We all knew that clever money would eventually start seeping out of the fiat market and looking for stores of value prior to the next fiat crash (whenever that may finally come). From this point onward, I believe it will be very difficult to stop the rise of Gold and its metallic siblings. The same reasoning applies to Bitcoin.

 

But the real winner of the metals this week must be Silver. It opened the week at a price of $15.19 and at the time of writing is now trading at $16.35. With a rise of 7.6% for the week, Silver is looking almost as good as crypto!

One of the main reasons that investors remain so eager on Silver right now, is that the Gold/Silver ratio is still heavily tilted towards Gold – far more than what it should be based on the fundamentals of the two metals. Savvy investors have been steadily building up their Silver holdings in anticipation of a long-overdue correction. This week the Gold/Silver ratio dropped from 93:1 to 88:1, despite the rising price of Gold. The highest Gold/Silver ratio ever reached was a brief spike to 100:1 in 1991, after which it dropped steadily down to 40:1 over the following seven years. A “normal” Gold/Silver ratio is about 50:1. With the ratio still having a long way to fall to reach normal levels, Silver continues to look extraordinarily bullish.

 

Not to be left behind, Platinum also enjoyed sizeable gains over the course of the week. It is on the verge of confirming its breakout from its own converging triangle. Like Silver, the Gold/Platinum ratio is also weighted far too heavily in favour of Gold at the moment. Platinum is usually a little more expensive than Gold, but at the moment Gold is trading at almost 1.7x the price of Platinum! For Platinum to reach “normal” levels again, this means that it would have to roughly double in price. Factor in the fact that Gold is rising in price now, and Platinum becomes another extraordinarily good investment!

Libra

I’m so sick of hearing about Zuck’s fake crypto – sooo sick of it. In THIS POST I already showed you why all the Libra hype is just that: hype – and nothing more.
BUT, I’m glad that I’m hearing about it so much. I’m glad for the following reason:

Had Facebook been ready to launch Libra after their big announcement, then it would have been a different story. Even though it’s a stablecoin, I have no doubt that people would have flocked to Libra if it had been launched around the time that its whitepaper was published. People are very greedy creatures; when they hear big money names like “Facebook” in the same sentence as “currency”, then they race to grab whatever they can – like disgusting vultures flocking to a carcass. Only now there is nothing for them to flock to…

In the meantime, Facebook/Libra is getting its name dragged through the mud as regulators go after it from all angles. As I have said on many occasions: Private Blockchains are doomed to fail as cryptocurrencies – centralised blockchains go against all the principles that Satoshi built into blockchains by design – THEY CAN NOT WORK!

As things look bleaker and bleaker for Libra, the less informed public is starting to realise the faults of centralised crypto – and better still – they are realising the benefits of decentralised crypto. Every time the word “Libra” is spoken, it’s in an increasingly negative context. We may even get to the point that it becomes impossible for Zuck to launch his mega-shitcoin at all.

So let people keep speaking about Libra, let them get tired of hearing about it. The novelty value has already worn off, and I think that the more we hear about it now, the less of a big deal it will be if it ever does manage to launch.

NEO

and Ontology

Meanwhile in China: NEO and Ontology are cooperating with one another at a whole new level. Yesterday they announced their intention to jointly “build an open cross-chain platform and establish the foundation for next-gen Internet.” The focus seems to be in integration and on cross-chain interoperability. While the two chains were already closely linked, I believe that this will make them even stronger, a case of “the whole being greater then the sum of its parts”.

Read more abut their new joint venture here: “NEO and Ontology to Leverage Respective Strengths to Build an Open Cross-chain Platform”

More Bitcoin

While we’re talking about China –  I almost forgot: it seems that president Xi Jinping is slowly letting cryptocurrency legitimacy creep into his country, just as I have said he would in many of my posts. Xi is progressive and seeks to build his massive nation, something he probably knows he can’t do without embracing crypto technology. He’s taking small steps so as not to annoy the old guard, but the important thing is that he IS taking them!

This article “China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor” describes how the Hangzhou Internet Court declared Bitcoin to be “virtual property” yesterday. This is now the second such ruling in China – a move which I think will remove a lot of fear from the minds of potential Chinese Bitcoin investors. If the courts are willing to protect their Bitcoin as “property”, then they need not fear losing it.

I keep telling you: once the Chinese market really opens its wallets to crypto, it will be like nothing you’ve ever seen before.

I strongly suggest that you get your good Chinese altcoins at cheap prices while you still can! Coins like VeChain, Waltonchain, THEKEY and of course NEO (and ONT) can be had for next to nothing! Most of us missed the chance to buy $0.10 Microsoft, Google or Apple shares – well here are their modern day equivalents! Have you learnt your lesson yet?

Conclusion

All the main topics in this post today are things that I’ve invested in (except for Libra of course!) The purpose is not to get you to buy what I have and inflate the prices (I WISH I could control the prices of Gold or Bitcoin!), it’s to show you why I invest like I do, and to help you not to miss the opportunities that I think are potentially very rewarding. As always – DYOR – but that includes listening carefully to what Bit Brain has to say.

Have a great weekend everybody!

 

Yours in crypto (and other things)
Bit Brain

All charts made by Bit Brain with TradingView

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:





? Daily Crypto News, July, 19th?

July 19, 2019 (updated July 19, 2019) Published by
  • China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor ;
  • Privacy Cryptocurrency Zcash Prepares for ‘Friendly’ Fork ;
  • Bitcoin Price Jumps $1K in 30 Minutes to Top $10,000 Again ;
  • Jamie Dimon Says Libra Does Not Pose a Threat in Short Term ;
  • Steve Wozniak Co-Founds Blockchain-Based Energy Saving Firm in Malta ;
  • ? Daily Crypto Calendar, July, 19th?
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

? China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor

Bitcoin (BTC) has gained legal recognition by a second Chinese court in a further boost for the cryptocurrency in one of its harshest environments.


A watershed for Bitcoin in China


According to investor Dovey Wan, who linked to local media coverage, the Hangzhou Internet Court formally described Bitcoin as virtual property on July 18. 


The second such court to attribute property status to Bitcoin, the ruling came about as part of a dispute between a now-defunct exchange and one of its users who lost funds. 


For Wan, the case marks a significant watershed for Bitcoin in China, where a blanket ban on trading it has been in place since September 2017. 

? Privacy Cryptocurrency Zcash Prepares for ‘Friendly’ Fork

In about five hours, the privacy-oriented cryptocurrency Zcash will spawn a new blockchain network called Ycash.


It’ll be the first of its kind to boast a near-identical codebase to the Zcash blockchain but function as a separate network and de facto competitor.


First announced in April, the effort is spearheaded by long-time Zcash supporter Howard Loo. Loo described in a Zcash forum post that Ycash was a preemptive move to resist future community decisions that may extend Zcash’s system of developer funding known as the “Founder’s Reward” beyond a promised 10 percent cap of total token supply.

? Bitcoin Price Jumps $1K in 30 Minutes to Top $10,000 Again

Bitcoin surged $1,000 in just 30 minutes during U.S. trading hours Thursday, a move that found the leading cryptocurrency rising from $9,335 to a high of $10,400, based on Bitstamp data.


The sudden rally could be associated with the massive unwinding of short BTC/USD positions (profit taking) seen in 30 minutes to 15:00 UTC, as reported by bot powered twitter handle @WhaleCalls.


Prices had dropped to a low of $9,280 at 14:00 UTC, having repeatedly failed to beat the psychological resistance of $10,000 in the Asian session and during early European trading hours. But, bitcoin’s price rise is now boding well for the broader market.


Names like litecoin and bitcoin SV are reporting double-digit gains at press time. Meanwhile, ethereum’s ETH token and XRP are up 6 percent and 3 percent, respectively.

? Jamie Dimon Says Libra Does Not Pose a Threat in Short Term

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future.


As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.”


Dimon continued saying that any new effort will have to comply with the industry’s Anti-Money Laundering provisions.

Dimon said:

? Steve Wozniak Co-Founds Blockchain-Based Energy Saving Firm in Malta

Steve Wozniak, co-founder of American tech giant Apple, has invested in a new blockchain-based company headquartered in Malta. Wozniak is now the co-founder of energy efficiency company Efforce, according to a report by Maltese news daily The Malta Independent on July 18.


Wozniak co-founded the company alongside Jacopo Visetti, who — according to his LinkedIn profile — works in the renewable energy and environment sector. According to this page, Visetti co-founded Efforce in January, 2018 — approximately one year and seven months ago. 


According Efforce’s LinkedIn page, the company provides the first blockchain-based platform focused on investing in energy efficiency, with its stated goal “to be recognized as the first and main platform in the world for tokenized energy savings.”

image.png

? Daily Crypto Calendar, July, 19th?

Odocrypt algo will be activated at the block 9.100.000.

“The Q&A with Waves CEO @sasha35625 has been rescheduled! The session will start on Friday, July 19 at 3:00 PM (UTC).”

“A premier gathering of the best creators, innovators, and industry experts in the decentralized space.”

“We are happy to announce the official release date of internal exchange service on the 19th of July.”

Binance DEX lists HYN/BNB trding pair. Trading begins at 16:00 (GMT+8).

image.png

STEEM Trading Update by my friend @cryptopassion

Here is the chart of yesterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

We are currently consolidating just upper the major resistance line at 0.24$ while the BTC is having a very nice bounce. It is becoming hard for all the altcoins and STEEM is not better than other and is sometimes even worst. What to say, we have to wait for better days, the market doesn’t really care currently for the altcoin market and I really don’t know how many time it will last like that. Courage and perhaps focus on the BTC if you want do short term trades.

image.png

Last Updates

image.png

Play on a fair STEEM CryptoGaming website !

Join this new Free To Play on the STEEM Platform !

Bitcoin bounces $1,200 in an hour! Bull Trap or Reversal?

July 18, 2019 Published by

Bitcoin bounces $1,200 in an hour as bulls try to rally.

Screen Shot 2019-07-18 at 10.40.25 AM.png

In today’s video we’ll discuss where price may be heading next, key areas to watch, I’ll answer your questions and so much more. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

If you found this post informative, please:

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Get paid for viewing ads and Support the Crypto Ecosystem with Brave Browser. Free download here:
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YouTube: https://www.youtube.com/c/workin2005
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Feature Image By: Saul Gravy

? Daily Crypto News, July, 18th?

July 18, 2019 (updated July 18, 2019) Published by
  • The Case $7.5K Could Become Bitcoin’s New Price Support ;
  • G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative ;
  • Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development ;
  • Jamie Dimon Says Libra Does Not Pose a Threat in Short Term ;
  • Swiss Crypto Broker Bitcoin Suisse Applies for Banking and Securities Licenses ;
  • ? Daily Crypto Calendar, July, 18th?
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

? The Case $7.5K Could Become Bitcoin’s New Price Support

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts.


Bitcoin has faced selling pressure over the last few days, despite an impending golden crossover on the three-day chart – a bullish crossover of the 50- and 200-candle moving averages, as discussed last week. As of writing, the 50-candle moving average (MA) is on an upward trajectory and looks set to cross above the 200-candle MA in the next few days.


It is worth noting, however, that a similar golden crossover on the three-day chart was observed in early February 2016, when a bitcoin bull market was then in its nascent stages.

? G7 Approves Japan’s Cryptocurrency-Based SWIFT Alternative

The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT.


Replace SWIFT with a global crypto payments network?


Citing an anonymous source, a Reuters report published on July 18 claimed that the country’s push for the network is motivated by a resolve to combat money laundering more effectively.


While plans are being kept firmly under wraps, the source alleged that Tokyo hopes to have the network established within the next few years. 


Cuban expat Claudia Rodriguez of the Brazilian startup Fusyona, the sole bitcoin exchange proactively serving Cubans, told CoinDesk the exchange has nearly 700 accounts since launching in 2018. She said up to 60 users purchase a total of one or two bitcoins every week.


? Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development

U.S. lawmakers repeatedly pressed Facebook’s top blockchain executive to halt development of the Libra cryptocurrency during a contentious hearing on the project Wednesday.


They didn’t get far.


David Marcus, the CEO of Facebook’s subsidiary Calibra, reiterated his promise that Libra would not launch until regulators’ concerns were fully addressed. But he stopped short of committing to freezing technical work on the project, much to the chagrin of House Financial Services Committee members.


The committee’s chairwoman, Rep. Maxine Waters (D-Calif.), had previously called for a moratorium, and it was one of the first things she brought up in the hearing, asking the Facebook executive:


“Will you stop dancing around this question and commit here in this committee … to a moratorium until Congress enacts an appropriate legal framework to ensure that Libra and Calibra do what you claim it will do?”

? Jamie Dimon Says Libra Does Not Pose a Threat in Short Term

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future.


As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.”


Dimon continued saying that any new effort will have to comply with the industry’s Anti-Money Laundering provisions.

Dimon said:

? Swiss Crypto Broker Bitcoin Suisse Applies for Banking and Securities Licenses

Bitcoin Suisse, a crypto-broker and pioneer of Switzerland’s “Crypto Valley,” has taken anticipatory steps to comply with a “maturing” regulatory environment.


The firm announced on Tuesday that it has applied for a banking license with Swiss Financial Markets Supervision Authority (FINMA), as well as a security dealer’s license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, financial authorities at the Swiss Federal Council said blockchain and distributed ledger technology will be governed by existing regulatory schemes.


However, a Suisse company representative said:


“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”

image.png

? Daily Crypto Calendar, July, 18th?

YCash, the first “friendly fork” of the ZCash blockchain, forks at block height 570,000 (expected July 18).

“We are hosting a Ask Me Anything (AMA) with SWIPE on Tokenomy’s English and Indonesia Telegram Groups!”

HarmonyAsia China from July 18 – 22.

“Join us for our cross-community office hours with Hedera @hashgraph this Thursday on Telegram!”

“Sia will be hosting its congressional hearing..oops..#AMA tomorrow, July 18th from 12 pm EST on @reddit and twitter!”

image.png

STEEM Trading Update by my friend @cryptopassion

Here is the chart of yesterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

We are currently consolidating just upper the major resistance line at 0.24$ while the BTC is having a very nice bounce. It is becoming hard for all the altcoins and STEEM is not better than other and is sometimes even worst. What to say, we have to wait for better days, the market doesn’t really care currently for the altcoin market and I really don’t know how many time it will last like that. Courage and perhaps focus on the BTC if you want do short term trades.

image.png

Last Updates

image.png

Play on a fair STEEM CryptoGaming website !

Join this new Free To Play on the STEEM Platform !

BITCOIN: now, be careful…

July 17, 2019 Published by

…because in order to know if the bottom of the correction was IN, we have to see first BITCOIN over-passing clearly the 11000 USD level:

…and to do so, we need VOLUME!!!!

Essentially I would like to see a “balance” in the 24 Hour Volumen between TETHER and BITCOIN:

…as you can see, still there is a difference of almost 3Billion there…

The GOOD NEWS is that ALTCOINS are probably being feed also by TETHER since 87 out of the top 100 coins are in GREEN, by the way, also STEEM which is really a new NEW since we used to be stagnant while BITCOIN rises!

STEEM is 12% up from the Year’s BOTTOM, reached yesterday!

Enjoy and take care!

@toofasteddie

Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

Are Bitcoin and Libra Correlated???

July 17, 2019 Published by

It seemed when Facebook announced their own cryptocurrency, Libra…Bitcoin took off going from about $10k to $14k.   Libra is designed on paper to be an alternative to traditional financial services for the billions of people worldwide who lack access to banking through a digital wall.

However, the announcement really scared the government because of the potential of fiat being the beginning of the end.

Over the past two weeks, Facebook has received a wave of criticism from the likes of the Federal Reserve Chair, the House Financial Services Committee, the Treasury Secretary, the Senate Banking Committee, and even the President himself. While Libra’s bright future has turned darker, or at least delayed, Bitcoin’s present is back in the red.

From Senators questioning the age-old privacy problem of Facebook to calling Libra outright delusional, they reigned down on David Marcus, lead of the Libra Project and VP of Messaging Products at Facebook. The aging US lawmakers were concerned about Libra’s plan to overhaul national currencies and manipulate monetary policies, and with the “massive reach” of Facebook, that prospect looks even more menacing.

After Steve Mnuchin, the Treasury Secretary descended on the cryptocurrency market, the price shaved over $500. As the Senate hearing began, the price dropped by over $1,000 in less than 2 hours, to $9,500.

Source

Bitcoin now finds itself around $9400 and within the daily demand zone at $9200. 

So is Libra and Bitcoin correlated, for now it appears they are correlated.  However, Libra is a medium-of-exchange where users can send money and house transactions, while Bitcoin has become a store-of-value, digital gold.  And because of this, Bitcoin is giving folks an opportunity to buy on a pull back to one of the daily demand zones before eventually moving higher. I personally like the $8000 level better than the $9200 level. 

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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