The cryptocurrency market had a chaotic couple of days over the past week after the congressional hearing surrounding the digital asset industry. Aside from price fluctuations, the US Congress event also riled up the community with many speculating positive developments in the future from regulatory bodies.
In a recent interview with BlockTV, Dan Hedl, the co-founder of Interchange spoke about the positive takeaways from the meeting as well as the statements made by Jerome Powell, the Federal Reserve Chairman. Held stated:
“If someone had told me seven years back that the head of the federal reserve, the Treasury Secretary and Congress members would be talking about Bitcoin in public, I would not have believed them. I definitely think what happened over the past week was positive and I have to say, Libra was able to elevate the status of crypto in the world.”
The US Congress was not the only government body paying attention to Libra, as it was also followed by comments by the Chief of Germany’s Central Bank. Jens Weidmann claimed that if Facebook delivers on what they promise, customers might find it attractive. During the BlockTV interview, Dan Hedl added that even though the industry is undergoing a pushback, the sentiment in the market was still bullish.
The aforementioned pushback can be attributed to Bitcoin’s price dipping below the $10,000 mark recently causing popular analysts to speculate that the world’s largest cryptocurrency would undergo such rollercoaster rides before it reaches new highs. The congressional hearing or the comments made by President Trump did not have any significant bearish effects as Bitcoin has been holding onto a typical sideways movement pattern for some time now.
At press time, Bitcoin was trading for $10,657 with a total market cap of $190 billion. The currency also held a 24-hour market volume with the market showing green tinges.