Libra Bitcoin Rivalry – Alternative Public Cryptocurrency from ECB

Maheen Hernandez By Maheen Hernandez September 16, 2019 Off
bitcoin libra

A downside correction is seen for Bitcoin from the $10,954 swing in the price of the Bitcoin versus the USD.  The price is currently holding support at $10,000, and it might bounce back in the near term.  A significant bullish trend line is seen forming support near $10,140 on the 4-hour chart for the BTC/USD pair.  The price might dip in the short term before it can start with a fresh high above $10,500 during the near time.

The price of the Bitcoin is showing positive signs above $10,000 versus the US dollar.  The BTC might rise steadily for as long as there is no closing near the $10,000 support area.

Ethereum has continued to be relatively stable.  Despite the price retracement, the ETH/USD is seen to form a high low pattern.  The upper price level is capped at $182, and the lower price level is capped at $180.  The technical indicators are trending sideways, and this is expected to continue in the forthcoming sessions.

The ECB has declared that they have planned a free digital currency which will eventually have the Facebook Libra vanish to nothing.

Margrethe Vestager, the Danish politician, was appointed as the European Commission’s Executive as the EU’s Competition Commissioner.  This appointment could serve as a threat to Bitcoin, cryptocurrency, and the likes in the industry.

France and Germany have already declared that they could block Facebook’s “Libra” in Europe due to the risks that it poses to the financial sector.  France and Germany are also backing the proposed alternative public cryptocurrency from the ECB.

Facebook’s Libra is in direct competition with the USD, thereby provoking Donald Trump. 

Benoit Coeure, ECB Board member, called Facebook’s Libra as a wakeup call, which will trigger action from the EU to create their Bitcoin rival. He opined that they need to step up their thinking on the Central Bank Digital Currency.

Le Maire and Scholz stated, “We encourage European Central Banks to accelerate work on issues around possible public digital currency solutions.”

Paypal is also cautious about the future of Libra.  Central banks, governments, and regulators are giving out an international outcry about how Libra might be regulated.

Gabrielle Rabinovitch, vice-president of Paypal Investor relations, stated, “It’s a non-binding commitment.” Further opines that there is a lot of work that is set to happen before we get to the point where it gets to become more than a fascinating idea.

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