It has nearly been one month since Bitcoin broke past the $10,000 mark. However, in the past 24 hours, it has fallen below the $10,000 mark. Some analysts believe that US President Trump, Federal Chairman Powell, as well as Facebook’s Libra view on cryptocurrency, affects investor confidence.
The cryptocurrency market has fallen almost across the board today. According to CoinMarketCap, the cryptocurrency of the top 20 market capitalizations has fallen, and even the stable currency, Tether, had fallen to $0.99 (currently back up to $1). As for the market leader, Bitcoin, as of 12AM PST, the decline of 9%, to 10,227.34 US dollars, the turnover was $26.135 billion US dollars.
Edmund Lee, founder of Q18 Capital, believes that Bitcoin has risen by about 50% in the past two months. “The market needs to be adjusted, otherwise it will be like the bubble in 2017.” He believes that Bitcoin will still dominate the market in the future, but there are opportunities. The callback was $9,200. “But many people have already entered the $9,800 level.” Lee expects that Bitcoin will hover between $9,200 and $12,000 in the near future until the market picks up.
Trump said last week that it doesn’t support Bitcoin and that the US has only one dollar, and Powell said it will take Libra seriously. Before Facebook responds to all regulatory issues, Libra should be suspended. In addition, many central banks and regulators are worried about the emergence of Libra, which has the opportunity to bring money laundering and affect the stability of the financial system, creating a negative atmosphere in the cryptocurrency market.
Liquefy Chief Executive Adria Lai pointed out that when Facebook announced Libra in June, investors made a bigger impact on the cryptocurrency market and pushed the overall market up. However, the recent news surrounding Libra’s supervision is endless. Investors are worried that Trump’s popularization of Powell’s remarks may be detrimental to the cryptocurrency market. As a result, the market will touch the high level and then call back.