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Any investor trying to time Bitcoin (BTC) trading values this entire year has been on a wild ride. The overall value remains up dramatically but in a highly volatile manner. Huge double-digit gains have been met with similar declines on a regular basis. At best, where BTC goes from here is pure guesswork. Normal financial factors that have an impact on values do not necessarily apply to cryptocurrencies.
As reported on Yahoo Finance through Reuters, the value of bitcoin plummeted 10% in weekend trading. The result is a two-week low for the crypto following a steep climb to levels approaching $14,000. The value dipped 11.1 percent to $9,855 from last Friday to early Monday trading. It did make a slight recovery to $10,319, but that is obviously subject to change.
One of the driving forces in the most recent decline is increased scrutiny in Facebook’s planned crypto. The company announced the proposed launch of Libra as a digital coin. The immediate response to the plan actually drove up the BTC value to its highest level this year. Since then, various financial experts and world leaders voiced some skepticism in the plan’s viability. Some are calling for increased consumer protection measures for cryptos in general. Others have raised specific concerns for Facebook’s entry into this industry as a social media giant.
US lawmakers could shift their attention to big technology companies crossing industry lines as financial institutions. This could impact any plans to issue digital currency without having proper regulations in place. Reuters added that certain legislation is currently being drafted to address this matter.
Donald Trump added his own uncomplimentary opinions on BTC as well as cryptos in general. He implied that they would need to subject their operations to US and global regulations if they were to act as a bank.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
US Federal Reserve Chairman Jerome Powell went on to fuel the fire. He called for Facebook to halt its project until concerns over privacy and money-laundering concerns were addressed.
All of this negative press has obviously had an impact on BTC and other cryptos’ recent trading value. Where they go from here is now anyone’s guess.
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