Is Bitcoin Down 15% Due To Fed Chair’s Criticism On Libra?

The Bitcoin price rally has hit a snag this week as the most powerful banker in the world publicized his views on Facebook and its upcoming cryptocurrency project named Libra. Many best cryptocurrency news sites are asking: “Is Bitcoin down 15% due to this case?”

The BTC/USD instrument plunged by up to 15.43%, settling a session low of $11,169 today. After reaching $13,400 on Coinbase, the move downside took place after the Federal Reserve Chairman Jerome Powell expressed his ‘serious concerns’ about Facebook’s cryptocurrency, Libra.

Now, the question if Bitcoin is down because of this  remains – and the banker said that the social media giant’s project raises a lot of issues regarding “privacy, money laundering, consumer protection, and financial stability.”

“These are concerns that should be thoroughly and publicly addressed,” he added.

His comments reportedly spooked Bitcoin investors at a time when the cryptocurrency was hinting to retest the year-to-date high of $13,868.44. A string of large sell orders made traders ask themselves “is Bitcoin down” because of this – and whether the trend will continue.

Meanwhile, Facebook;s Libra presented a bullish case for Bitcoin but not for altcoins. The coming altcoin news showed that there was not a big rally for the altcoins. According to the billionaire investor Mike Novogratz, Facebook’s foray into the crypto space validated Bitcoin’s long-term potential as an asset.

“One of the largest companies in the world said we believe in cryptocurrencies. If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident,” he told CNBC in an interview.

US lawmakers have therefore went ahead and asked the Libra team to halt the development. Meanwhile, countries like China, Iran and Venezuela are apparently working on national cryptocurrencies – but refused to include the Facebook cryptocurrency into their existing financial systems.

“People valuing Libra is inseparable from the global dollarization trend, and maintaining a strong monetary status may put China in a favorable position. China should take precautions and undertake policy research,” said Xiaochuan Zhou, former governor of People’s Bank of China.

On the question “is Bitcoin down 15% because of this” we can only say that the losses continue and that at press time, BTC is at ,731 with a market cap of 9 billion.
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