During the first day of Facebook’s congressional hearing on Libra, the topic was largely Facebook itself, with cryptocurrencies and blockchain being a distant second.
And yet, most popular cryptocurrencies have been losing value as if the U.S. Senators have somehow been grilling them and not Facebook’s David Marcus, who’s about to spend some more unpleasant time at Congress today.
Bitcoin dived sharply below $10,000 on Tuesday, reaching a low of $9,214 on cryptocurrency exchange Binance. Other coins followed suit: Ethereum, XRP, Bitcoin Cash and Litecoin have all dived to monthly lows, bringing the total market cap of all cryptocurrencies to less than $250 billion.
The prices have stabilized somewhat on Wednesday, with Bitcoin trading at $9,593 at press time according to CoinMarketCap. But overall, the sentiment in the cryptocurrency world has quickly turned from bullish to bearish — or, at best, very cautiously optimistic.
$BTC Daily Close
Market structure is broken and lower-lows have been set on higher time frames
There will be smaller bounces in between, but it looks like the trend has changed folks – for the short term
The avg pullback last bull market lasted 3 to 5 weeks before continuation pic.twitter.com/JzcfqIwyMR
— Josh Rager 📈 (@Josh_Rager) July 17, 2019
In a way, the pullback was expected, since Bitcoin rose from about $3,400 in February to just under $14,000 in June without a stronger correction. Since then, it’s been a rollercoaster, with price sharply rising an
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