Crypto bounces back over $200 billion after Libra news

Ever since Facebook’s Libra announcement yesterday, both Bitcoin and the other major cryptocurrencies have been on a tear. All together they have pushed the combined value of the crypto market easily back over $200 billion.

In the past 24-hour timeframe, some $10 billion was added to the crypto market by major tokens such as Bitcoin, Ethereum, Ripple’s XRP, Litecoin and Bitcoin cash

It comes after a remarkable week for Bitcoin. The most famous crypto currency had easily clung onto $7,000 per coin, a level not seen anymore since the coronavirus pandemic had sent global markets into meltdown last month.

Crypto analysts all agreed that the Libra announcement was in fact excellent news for their industry.

Mati Greenspan, the founder of financial advisory firm Quantum Economics, claimed in a note to clients that “this is good for bitcoin.”

“Facebook’s new watered-down version of libra is an admission that even they are not able to replicate the immaculate conception of bitcoin and that their blockchain will no longer be a serious competitor to any existing crypto-asset. It will however be a serious contender to Paypal, Venmo, and Square.”

Libra not exciting US politicians

However, Facebook’s Libra project might have a hard time getting past the US Political world. A first statement from Rep. Sylvia Garcia, D-Tex., a member of the House Financial Services Committee (which famously Facebook CEO Zuckerberg at a hearing about Libra last year), stated:

“Facebook and the Libra Association had an opportunity to address the concerns I and my other colleagues raised with their initial whitepaper”

“Unfortunately they chose not to listen to the bipartisan concerns raised about Libra. I will continue to work to make sure that the SEC regulates any such asset as the security that it is under current securities laws.”

Whatfinger

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