Bitcoin (BTC) may have been on a superb run for much of 2019, but in July, the cryptocurrency has run into trouble as a range of factors contributes towards wild price fluctuations. The launch of Facebook’s Libra and the skepticism expressed about it by such powerful figures like the head of the Federal Reserve, Jerome Powell, as well as the United States President Donald Trump, proved to be a huge drag on Bitcoin.
Trump expressed his misgivings about Bitcoin specifically in his tweets. These developments had a significant effect on dragging the price of Bitcoin to around $10,000. Yesterday, BTC fell below that psychologically important level as well after a regulatory body in Switzerland stated that it had not received a reply from Facebook (NASDAQ:FB) about the concerns expressed regarding users’ privacy.
However, it needs to be remembered that many experts had stated that the cryptocurrency still displayed plenty of bullish tendencies and their words came true today, as the token crossed the important $10,000 mark in earlier trading. It rose by as much as 5% to hit $10,163 today at one point. That being said, it is perhaps more important to mention that the cryptocurrency managed to climb despite unflattering comments from the United States Treasury Secretary Steve Mnuchin.
During the course of an interview, Mnuchin implied that Bitcoin might not exist in 10 years. He said, “I won’t be talking about Bitcoin in 10 years, I can assure you that. I would bet even in 5 or 6 years I’m no longer talking about Bitcoin as Treasury Secretary. I’ll have other priorities. I can assure you I will personally not be loaded up on Bitcoin.” Such a development is proof that Bitcoin is perhaps showing much more resilience than it is often given credit for and many buyers piled on to the cryptocurrency today. It is going to be interesting to watch the proceedings over the course of the weekend.
Featured image: DepositPhotos © KostyaKlimenko