Bitcoin under $ 10,000 due to Libra’s Audience in front of the American Congress
Several Audiences in the United States
The Facebook cryptocurrency Libra has been deeply criticized since it was unveiled. In fact, Congress summoned Mark Zuckerberg’s company on July 17, 2019 for an audience.
David Marcus, the head of the Calibra portfolio, yesterday confronted the Senate Committee of Banking on June 16. Today at 10 am, he will appear before the House Financial Services Committee. According to an official press release, Chair of the House Financial Services Committee, Maxine Waters, convened a plenary session entitled “Review of Facebook Cryptocurrency and its Impact on Consumers, Investors and the US Financial System” .
During his hearing yesterday before the US Senate Committee on Banking, Housing and Urban Affairs, Marcus was widely criticized for the Libra project. Legislators have particularly pointed to the lack of trust in the multinational, highlighting Facebook’s previous privacy and data protection mistakes. Faced with criticism, Marcus assured that he would be ready to receive his full salary in Libra because the chips were supported by a real reserve of currency-fiats.
Effects on Bitcoin’s price
After the official Libra announcement on June 18, it was clear that Bitcoin has seen a rise of about $ 9,000 to $ 13,800 in just one week. However, since almost one day, Bitcoin had plunged under the $ 10,000. Crypto enthusiasts fear that Bitcoin will fall if Libra receives a brutal blow from US lawmakers. Bitcoin plunged a few days after the regulatory review and a few days later prices went up again. In this case, the Facebook Libra needs to be scrutinized, and as mentioned before, the price of Bitcoin reacts to the monumental events of the Libra ecosystem.
At the time of writing this article, the Bitcoin price is down by almost 10%. However, if we look at the previous trends, we hope that the price of bitcoin will increase following positive news after Libra’s imminent audiences.
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