By Hassan Mehmood (Saudi Arabia)
Bitcoin has been able to show satisfactory performance during the last seven days as the world’s leading cryptocurrency justifies its position in the bullish zone.
The last week has been tough for the coin because, in the previous week, several unpleasing events took place proving unfavorable for the token. But despite these unfavorable incidents the coin has succeeded to maintain itself in the greenish zone.
These unpleasing events that created hurdles in the upsurge of Bitcoin are related to Facebook’s Libra and Telegram’s native coin Gram.
Libra is under Scrutiny
Facebook’s Libra is facing some regulatory issues and has again comes under the scrutiny of regulators. This is one of the events that affected Bitcoin in the previous week.
Last week, the regulators showed their response to Libra and made some harsh arguments about the digital currency of Facebook.
Restrictions on the Launch of Telegram’s Token
US Securities and Exchange Commission has posed restrictions on the launch of the Telegram’s native token Gram. The messaging giant was supposed to launch its native coin on 31st Oct 2019.
Also read:But SEC has called it illegal and the company cannot launch it until they get clarification from the US SEC.
It has also affected the growth of Bitcoin digital currency.
Tax Authorities Tighten up their grip
From the past week, this is another unpleasing event for Bitcoin as Authorities have shown strictness in the case of taxes.
Internal Revenue Service of the United States has directed some guidelines on the tax filings. According to these guidelines, the coin owners will have to pay taxes for the coins which are created through hard forks.
These are the negative events that took place in the previous week. Despite all these hurdles, the coin has remained green in the past week showing the bullish trend.
According to Skew-markets, the Bitcoin bulls are still up in spite of a backdrop.
Libra, Telegram, Bitcoin ETF, IRS update – a lot to process for crypto markets in the recent days
Bitcoin still up a few % on the week despite the challenging backdrop pic.twitter.com/W7xUbFpCi7
— skew (@skewdotcom) October 12, 2019
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