Bitcoin price suddenly crushes

Bitcoin price suddenly crushes

Bitcoin has lost in value by thousands of dollars to take the cryptocurrency’s price to below $10,000.

It happened after Facebook executive David Marcus answered questions about the tech giant’s plans to launch its own cryptocurrency called Libra.

What is usual value of Bitcoin?

Bitcoin’s current price of around $9,500. In the beginning of the year it was $4,000. In 2017 it was close to $20,000.

Many senators in public hearing were criticizing cryptocurrency. Some of them supposed that the Libra cryptocurrency could be exploited by criminal organisations to facilitate money laundering, or even finance terrorist activities.

David Marcus tweeted that Facebook’s cryptocurrency would not be launched until the firm has “addressed regulator concerns”.

Marcus Swanepoel, CEO of cryptocurrency firm Luno told that “The criticisms of Google, Facebook and all cryptocurrencies have unsettled investors,”

Plenty of reasons to stay positive

Despite the losses, many bitcoin advocates remain positive about the future of the cryptocurrency.

One of the most outspoken figures in the space is cyber security pioneer John McAfee, who earlier this week stood by his bet that bitcoin will hit $1 million by the end of 2020.

Generally speaking it was just a weekly news that had short term effect on Bitcoin value, however in a longer term we can see Bitcoin power is growing and many jurisdictions started to support it. Recent example is that China’s central bank announced launching a state-backed cryptocurrency and handing it out to several biggest institutions in the country. Other countries also work hard in terms of regulations and creating crypto-friendly cleat for investors.

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