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Bitcoin Reclaims $10k Mark After US Representative Says That It Can’t Be Killed

After slipping below $10k mark yesterday, Bitcoin has today reclaimed the crucial support level after positive comments of a US lawmaker.

July 19, 2019 10:21
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Bitcoin might have broken below the $10k mark yesterday, but it’s not going to be easy for the bears to pull it down. Today Bitcoin has reclaimed its 10k mark once again after a US lawmaker said amid a series of bad news that it can’t be killed by the governments. His remarks were crucial because a number of high ranking politicians in the United States have come down heavily on cryptocurrencies in the last few days. They include the President, the Treasury Secretary, Federal Bank Governor and many others. So when North Carolina’s representative Patrick McHenry said that he believes Bitcoin can’t be killed, it brought a lot of relief to everyone in the community. Here’s what he said during an interview to CNBC when he was asked if politicians will allow cryptocurrencies to thrive:

“I think there’s no capacity to kill Bitcoin. Even the Chinese, with their firewall and their extreme intervention in their society could not kill Bitcoin.”

McHenry also commented about Facebook’s Libra cryptocurrency, which has come under fire from various Senate committees related to finance. He said:

“The essence of Bitcoin is what Libra and Facebook, and corporates are trying to mimic.”

These comments were relieving because they reaffirm that there are at least a few people even in political circles who are willing to stand up for cryptocurrencies. The result of these comments was, therefore, seen on the entire cryptocurrency market. Here’s how top 10 cryptocurrencies are performing right now after McHenry’s remarks.

Top 10 cryptos on 19 July

All green, as you can see. The biggest gainer among popular cryptocurrencies is Neo, up more than 11.8% and trading at a CMP of $12.58. Another top gainer is Litecoin, which is up 10.4%. There’s not a single loser right now among top 30 cryptocurrencies, and overall market cap has also hit $287 billion (up $30 billion from a day before). Now it will be interesting to see how things go later in the day today!

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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