UNITED STATES – Bitcoin wins as the most significant cryptocurrency winner for 2019. On the other hand, Facebook’s crypto, Libra, lands on the most significant loser spot for this year.
The industry of cryptocurrency frequently experiences ups and downs. As for 2019, it revealed the most unanticipated exposures. Market analysts were moved by the ongoing market of the year 2019 to hail it as the year of controlling reckoning. It left several influences concerning on how to treat digital assets. Moreover, this year turned big technology giants, such as Facebook, from banning digital assets to accepting these.
Moving over to escalating international events, the exchange war between China and the United States pushed the point of view of investors on the usage of cryptocurrencies such as Bitcoin. However, there are still lots of things to be done as the Securities and Exchange Commission (SEC) of the United States endures to turn down Bitcoin ETF proposals.
Bitcoin, along with the whole cryptocurrency and blockchain industry, celebrated its 10th anniversary this year, which is the proof of the flexibility of Satoshi Nakamoto’s invention. On the other hand, this cryptocurrency was improving from the 2018 crypto winter when the year 2019 started.
On the brighter side, Bitcoin had a bullish trend that caused the price increase by the first quarter’s end, which is 11% higher. Morgan Creek Digital’s co-founder, Anthony Pompliano, shared this opinion with Cointelegraph. He said that the price of Bitcoin is up since there are more purchasers than sellers.
Bitcoin directed the market with a 165% increase as the price surged to $10,888, from $4,103. Furthermore, the market dominance of this cryptocurrency improved from 54.6% to 65%.
Regardless of the struggling market, another reason for the continuous growth of Bitcoin is because it can act as a border in the rouse of growing international uncertainty.
Pompliano said to Cointelegraph that there were also other contributing factors, such as the declaration of Libra. It’s the most prominent moment that revolved, and there were negative and positive reactions from different users across the crypto markets.
The announcement of Facebook’s cryptocurrency, Libra, is also one of the main events of this year. Several national currencies supported the launch of Libra as a stablecoin. However, the United States or US lawmakers answered with disbelief, which summoned the CEO of Facebook, Mark Zuckerberg, to several hearings.
Libra’s plan aims to be the new decentralized blockchain to empower around 1.7 billion unbanked users. It will be achieved vie Facebook’s Messenger, Calibra, and WhatsApp, which are digital wallets designated for Libra users.
Regardless of Libra’s plan to authorize the unbanked, the project suffers under the hands of lawmakers. Also, this cryptocurrency has internal dilemmas to fix as well. The US congress requested Facebook to pause the growth of the Libra projects. Pessimists think that this project will not dodge the starting hindrances without any approvals from the government. Furthermore, several European countries also have spoken out against this cryptocurrency.