Facebook’s Libra Isn’t Behind The Sudden Surge Of BTC Above $11k? So What Triggered The Cryptocurrency Bull Run?

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Bitcoin news today – The fourth parabolic bull run of Bitcoin is no longer news. Mainstream media has been talking about how the price of Bitcoin suddenly surged against the USD reaching a 15-month high and carrying altcoins along. In our Bitcoin news and Bitcoin price prediction yesterday, we talked about the comment from one Forbes contributor who insisted that the rise in the price of BTC was partly due to the release of the Facebook Libra token and the regulators in India who are trying to place a blanket ban on cryptocurrencies. Well, another analyst has suggested that the Facebook should not be credited for the sudden cryptocurrency market bull run. If Libra was not responsible for a surge in the price of Bitcoin, what was?

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Latest Update – What Triggered The Bitcoin Bull Run?

According to a cryptocurrency price analyst on Livemint, Mark Zuckerberg should not get all the credit for the cryptocurrency bull run. You see the common narrative that people are pursuing is that the fact that Facebook is diving into the cryptocurrency space means that the industry has arrived. If the head of the largest social media network and one of the most popular tech geniuses in the world has decided to enter into the industry, nothing can stop Bitcoin and other cryptocurrencies.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$9,803.00
-6.64%

Keep in mind that this isn’t the first time the price of Bitcoin is recording massive gains this year. However, it is the first time that the gains have been so rapid over such a short period. It is already up by more than 200% since January. So, this should not be a surprise. Also, let’s not forget that it started to surge just after the white paper for Libra was released. The writer, however, isn’t seeing the surge as a good thing. In fact, he says that people are blaming Facebook while they should be blaming someone else for the Bitcoin bubble. Zuckerberg created Facebook Libra to be a cooperate version of Bitcoin. However, if is also a stablecoin that will be backed by fiat unlike Bitcoin.

The writer made reference to the fact that Bitcoin is still a bubble. Just like in 2017 and 2018, there is nothing stopping the surge in the price of BTC for moving high suddenly and then dropping almost as fast as it surged. According it him, the unclear regulatory framework is to blame for this. There is a strong chance that the surge in the price of Bitcoin was as a direct result of manipulation using Tether. You’ll recall that last year, after the parabolic bull run that took the price of Bitcoin almost as high as $20,000, there were rumors that Bitfinex used Tether UTSD to manipulate the price of the token.

This writer is suggesting that because of lack of a clear regulatory framework such manipulations will continue to occur and is most likely what happened last week as well. The writer insists that the Bitcoin community is mainly made up of millennials who are concerned about getting rich quick with no real interest in actual investments that solve real world problems. This, according to him, is the reason why they are so easily manipulated into buying despite the high volatility and lack of regulatory clarity.

What do you think about the Bitcoin news today? Was the sudden surge in the price of Bitcoin due to market manipulation? Share your thoughts in the comment section below.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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