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Omkar Godbole: Positive Outcome of Libra Case to Initiate Bitcoin Growth

The expert CoinDexk Markets Omkar Godbole believes that the decision of the USA Congress will affect the rate of BTC drastically.

According to him, BTC rises in success. Today, the head of Calibra David Marcus is addressing the Senate Banking Committee, and tomorrow, on Wednesday, the House Financial Services Committee.

The upcoming scrutiny of Libra may be weighing over bitcoin. After all, past data shows BTC tends to drop ahead of congressional hearings related to cryptocurrencies and rise on favorable outcomes.

Last year, for instance, BTC fell from $6,820 to $6,070 in five days to July 12, before rallying to $7,400 on July 18 when the House Committee on Financial Services gathered for a hearing on “crypto as a new form of money”.

On similar lines, BTC dropped from $12,000 to $6,000 in the 10 days leading up to a congressional hearing on Feb. 6, 2018, where the Securities Exchange Commission (SEC) chairman and the head of the Commodity Futures Trading Commission testified before the Senate Banking Committee. That hearing was also surprisingly positive, and BTC rose back to levels above $11,700 by Feb. 20.

Facebook’s fiat and government bond-backed cryptocurrency Libra is widely considered a net positive for bitcoin, an anti-establishment asset.

This is evident from the fact that BTC rallied from $9,000 to $13,800 in the eight days following Facebook’s unveiling of Libra’s white paper on June 18.

It is worth noting that the likes of the Federal Reserve President Jerome Powell have already called for a halt to Facebook’s project until concerns from privacy to money laundering are addressed. President Trump also criticized the project in tweets last week.

BTC, however, may rise well past $13,800 and possibly hit record highs before the end of the third quarter if the hearings are more optimistic.