The lawmakers called the project “dangerous” and this is because Facebook has failed its users to gain their trustfully. As I said before, Libra is a project which is going to continue to provide both head and tailwind for the crypto king, Bitcoin. Speaking purely from the price action perspective, the Bitcoin price declined as much as 8.9 percent during the hearing and for the week it is down nearly 16 percent. If the price falls below the 50-day moving average, it is likely that the price may continue to move lower and find support around the area of $7,418. It is trading at $6,983 and the price must stay above this line in order for the bulls to keep their hopes alive.

Source: Forbes July 17, 2019 10:18 UTC