Bitcoin and Bitcoin Cash post significant gains as tensions over Facebook’s Libra continue to simmer

  • 16 July 2019, Tuesday, 03:40

Bitcoin was moving north of its critical $10,300 mark, following prolonged losses that were speculated to be attributed to Facebook’s controversy-riddled, Libra, a project that has been at the receiving end of a lot of criticism recently. The latest drop below the psychological level of $10k came a day after US President Donald Trump’s critique on Bitcoin and other cryptocurrencies.

Trump’s tweets garnered a lot of headlines, pulling down the price of Bitcoin and the valuation of the cryptocurrency market significantly. The total market capitalization stood at $288 billion, at press time, with BTC holding $66.5% dominance in the market.

Despite the recent fall however, many Bitcoin proponents remain bullish about Bitcoin’s long term sentiments. Software pioneer, John McAfee, recently tweeted,

Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.

— John McAfee (@officialmcafee) July 14, 2019

The largest cryptocurrency in the world, Bitcoin rose to a market cap of $191 billion and was priced at $10,790, at press time. The digital asset recorded a 24 hour trading volume of $22.03 billion and appreciated by 5.56% over the last 24 hours.

Following a proposition made by Ethereum’s Vitalik Buterin, a proposal which spoke of leveraging Bitcoin Cash blockchain as a short-term scalability solution, Bitcoin’s hard fork coin, Bitcoin Cash was trading high as well. At press time, the crypto-asset’s valuation was at $312.40 after rising by 10% over the day. It had a market cap of $5.59 billion, with a 24-hour trading volume of $1.94 billion