Bitcoin plunged below $9000 briefly on 18th June 2019; this can be attributed to the extension of consolidation above $9000 as Bitcoin was unable to break above $9400. According to analysts, the $10k mark is expected to attract a flurry of investors due to FOMO.
Facebook announced its plans for cryptocurrency launch in 2020 yesterday which sounded highly ambitious. Facebook plans to implement a plethora of features and utility on its Blockchain with an aim to obliterate the entire cryptocurrency markets. Jason Brown, the CEO of Tally, said that it is “an ambitious project” that challenges banks throughout the world.
Tom Lee, the Head of Research and Partner at Fundstrat told the media,
“The Facebook announcement is a complete validation that the mainstream is now focused on cryptocurrencies… I think it a bullish development for Bitcoin.”
Not a Single Bank Included in Facebook’s Crypto-Consortium
According to Lee, Facebook’s stablecoin will help in creating a new banking system around the world. Moreover, it will complement Bitcoin’s case. CNBC reporter also Seema Mody pointed out the while the list of member of the Libra Association included big companies, it did not include even a single bank.
“An Average bank generates close to a thousand dollars per user. So Facebook has a 20x upside to their customer model if they start doing banking services. So I can think why banks are not really enthusiastic about it”
Hence, according to him, Bitcoin will continue to be the leading reserve cryptocurrency, and the bull market is deep and robust. He said,
“I think Bitcoin is easily going to take down its All-time high ($19750).”
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Bitcoin Futures Traders Bullish As Well
Bitcoin futures trader,