Bitcoin price (BTC/USD) edges higher on Friday morning, but remains below $12,000
While some analysts have opined that the Wednesday correction indicates that the market wasn’t ready to test its 2019 high of around $13,800, others have noted that the downswing followed Fed chairman Jerome Powell’s comments on Facebook’s Libra cryptocurrency project. On Wednesday, Powell said before the US House Financial Services Committee that “Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability” and that those concerns should be addressed. Powell’s comments echoed a sentiment expressed previously by members of the committee.
Meanwhile, US president Donald Trump tweeted that he wasn’t “a big fan” off Bitcoin and the other cryptocurrencies. Trump argued that cryptocurrencies “are not money” and their value “is highly volatile and based on thin air”.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump said. He also critical of the Libra project, saying that “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations”.
In today’s trading, the Bitcoin price stood at $11,694.36, as of 08:51 BST. The digital coin has gained 1.3% in the past 24 hours. Its total market cap currently stands at $208.3 billion, which represents 65.4% of the combined value of all digital coins.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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