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Bitcoin Set to Snap 5-Month Winning Streak

Cryptocurrency NewsAug 01, 2019 04:49
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Investing.com -- Bitcoin rose on Wednesday but remained on track to snap its five-month winning streak after struggling to clawback losses suffered earlier in the month.

Bitcoin rose 3.55% to $9,985.4, but remained well below its July peak of $13,134 as sentiment on the popular crypto turned negative after lawmakers bashed cryptocurrencies earlier in the month, in which Facebook (NASDAQ:FB) sought to elaborate on its plans for its Libra crypto.

But stopping the adoption of bitcoin and alternative cryptocurrencies may prove easier said than done, according to some U.S. lawmakers.

Mike Crapo, the Chairman of the Senate Banking Committee, said he believes that the U.S. wouldn’t be capable of banning Bitcoin successfully.

“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States, and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation," Crapo said at the Senate Committee on Banking, Housing and Urban Affairs cryptocurrency hearing on Tuesday.

The losses in July has taken its toll on bitcoin's market cap, often used to gauge demand, which has slumped 23% to $178 billion.

Other cryptos followed bitcoin higher. XRP fell 1.09% to $0.31556, Ethereum added 1.96% to $214.13 and Litecoin was up 7.28% to $97.78.

Bitcoin Set to Snap 5-Month Winning Streak
 

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