No, Bitcoin Did Not Drop Because of Fed’s Concerns with Facebook’s Libra
Bitcoin and the aggregated crypto markets plummeted over the past day after BTC failed to stabilize in the $13,000 region and incurred a sudden influx of selling pressure that sent it spiraling downwards.
Naturally, the world was quick to try to pin this drop on some concrete event – rather than some technical reason – and the mainstream media’s narrative is now that the Fed’s recently pronounced concerns with Facebook’s Libra project sparked this selloff.
Fed Chairman Deems Libra as Dangerous Just Prior to Bitcoin Dropping Below $12,000
At the time of writing, is trading down over 7% at its of $11,550, which marks a significant drop from its 24-hour highs of roughly $12,500 that were set yesterday.
Although it is clear that the price action over the past 24-hours has been negative, it becomes even more clear that bears are in control in the near-term while looking at BTC’s weekly chart, as it is currently down from its recent highs of $13,200.
The latest selloff was likely triggered by Bitcoin’s move into the $13,000 region, as the cryptocurrency has been historically unable to find much buying pressure in the price region.