Bitcoin (BTC), Major Digital Assets Dragged Down By Political-Tech Dispute

BTC Price

FILE PHOTO: A cryptocurrency mining computer is seen in front of bitcoin logo during the annual Computex computer exhibition in Taipei, Taiwan June 5, 2018. (Photo: REUTERS/Tyrone Siu/File Photo)

Trading was generally on the low side for the majority of coins in the last 24-hour session, with markets still reeling from bitcoin's recent sluggishness from the brouhaha caused by Facebook Libra's much-hyped entry into the crypto business.

Based on data by Coin360, bitcoin (BT) breached the $11,000 mark late Saturday, but failed to maintain its momentum and retreated to its current price of $10,406, shedding 1.85%. Weekly performance-wise, the most sought-after digital currency in the world has dropped 2.21%.

Tug of War

The crypto landscape has been mired in a conflict of sorts between advocates who worry that politics will suppress Bitcoin and other digital assets and optimists, who have faith in its underlying technology.

Compared to other weekends, the crypto floor has been rather quiet. No unexpected big movements; just plain consolidation. This, of course, transpired after a grueling week for the social media giant's Libra. 

According to NEM Ventures Advisor and blockchain expert Ian Wilson, bitcoin's recent price movements as well as its peers' "has been dominated by the US Administration's negative comments on both Facebook Libra and cryptocurrency in general."

"While most players tend to think that banning bitcoin and another crypto will not be possible, clearly the US can squeeze fiat and restrict the demand for crypto in general," he said.

Falling short

Ether (ETH), which opened the session at $228, likewise could not cling on to its recent gains, trading $221.27 early Sunday and weakening 1.35% on the day. The second-biggest virtual money began trading at $233.62, notching its most impressive mark at $236.06 mid-Monday before hitting its current price.

Ripple's XRP faces the hardest resistance to the upside following a surge of 9.08% late Saturday. However, its value fell back by (minus) 3.33% from a day earlier, although analysts estimate it to remain in the bearish zone.

Sidelined yet persistent

Litecoin, on the other hand, has been sidelined in the last 4 days, capped by a simple moving average and currently trades at $102.76. The 4th biggest electronic currency with $6.2 billion market cap, it has rallied almost 11% in the last 7 days to emerge as among the best-performing coins.

Meanwhile, only Tether, EOS, UNUS SED LEO, Cosmos, and Tezos have posted gains, wherein XTZ rose by almost 9.4% on the Top 20 digital currencies list as of Sunday.

Total mark cap of all listed coins is valued at more than $288 billion as of late Saturday, with daily trade volume worth about $59.5 billion.

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