The Bitcoin price (BTC/USD) has edged higher on Friday, despite seeing a major drop earlier in the session.
The original cryptocurrency experienced a sharp correction after breaking above the $13,000 mark on Wednesday afternoon. Having closed that session at $12,156.51, the digital coin continued to decline during yesterday’s early trading, when its price tumbled to around $11,360. The coin made several attempts to rebound in subsequent trading, but a late drop prevented its recovery from materialising. BTC fell to a four-day low of $11,159.92, before finishing the day at $11,358.66.
Bitcoin has experienced some rocky trading in today’s session, as well, although it hasn’t dropped to the lows seen yesterday. The coin fell to as low as $11,191.91 earlier in the session, but has since bounced back and even managed to return to the positive territory. At the time of writing, the Bitcoin price was hovering around the $11,700 mark, according to data from digital currency tracker Coinmarketcap.
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.
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