BTC - This market is so hot right now, not even Washington could derail it!

in #bitcoin13 days ago

Washington doing its best to derail the current raging bull in crypto

Bitcoin is up roughly 45% on the year thus far, altcoins are up even more.

Things couldn't really look much more bullish than they do right now.

Even steem is up close to 2.5x from its lows!

Given that backdrop, it was fitting that the Treasury Secretary would go on TV today and talk about how they are about to bring out some heavy handed crypto regulations.

More about that can be seen here:

https://www.nytimes.com/2020/02/12/us/politics/treasury-cryptocurrency.html

What did bitcoin and the rest of crypto do on this news?

Well, it just kept chugging along.

As I type bitcoin is inching up towards $10,500.

Which is the highest it has been during this recent bullish trend.

(Source: https://www.coinbase.com/price/bitcoin)

Steem looking strong as well, doing its best to get up over $.24.

Washington tanked the market last time...

Rewind the clock to June of 2019 and bitcoin was flying high.

It had just gotten near $14k and was looking like it was gearing up for a run at the all time highs around $20k.

Just then this same guy, the Treasurey Secretary Steve Mnuchin, decided to voice his thoughts on bitcoin.

Shortly after, the President decided he would tweet how he dislikes bitcoin.

Then we even had the Fed Chairman commenting on bitcoin and crypto in negative way.

Add it all up and they very likely were one of the main reasons bitcoin lost all its momentum from there as bitcoin trended down much of the rest of the year.

This time around though, it already looks very different.

Stay informed my friends.

Image Source:

https://www.nytimes.com/2020/02/12/us/politics/treasury-cryptocurrency.html

-Doc

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Thank you for giving this post

PUT ME IN A MEETING WITH JULIANI AND ILL MAKE THE BILL COSBY TALK

Enjoy this bullish ride while the good time lasts.

I've read that FED Chairman, Jerome Powell had said some good things about the privacy benefits of using digital currencies, and that the FED has even started exploring the idea of a FED-backed stablecoin. These are some interesting times, and I'm sure the recent bullish rally was slightly helped by those good comments from Washington. Time will tell, but I hope the bureaucrats are starting to warm up to the use of cryptocurrencies.

I think BTC lost momentum last time because it was rallying on false hopes of Libra.

Yes, that was part of it too, though Washington was a part of that not coming out as well...