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The word "hearing" is unfamiliar to many people, and the recent Facebook hearing has caused the BTC market to plummet. People who buy or do long Bitcoin will have the word "hearing" imprinted in their minds and will never forget it.

U.S. Congressional hearings are a formal and important method for collecting and analyzing opinions from all walks of life when formulating legislative policies. Investigative hearings are intended to express Congress’s determination to investigate and help the legislature uncover the problem.

Judging from history and the present, what important hearings have been held during the development of Bitcoin, and what impact have they had on the price of the currency? Let us review them together.

2013.11.18

On November 18, 2013, the Senate hearing on Bitcoin was held in the U.S. Congress. This hearing was mainly to brief the senators on the details of Bitcoin and allow them to draw a line for potential legislative measures.

Regarding this hearing, Federal Reserve Chairman Bernanke stated in a letter:

The Federal Reserve has no authority to directly regulate Bitcoin, and Bitcoin and other virtual currencies may be the future of money. Perhaps one day, Bitcoin will become a faster, more secure, and more efficient payment system. Cryptocurrencies also bring risks, giving Bitcoin a “blessing of caution.”

This hearing gradually expanded the BTC consensus, paving the way for future crazy rises.

It can be seen from the market trend of Bitcoin that day that driven by the good news, the price of the currency rose from a low of 471 US dollars to a high of 670 US dollars, with the highest increase in the range being as high as 42.5%. The daily line closed a big positive line, and the volume and early stage Compared with the huge increase, the trend is quite strong, indicating that the market has responded positively to the good news. However, due to the continuous small steps in the early stage, coupled with the strong buying of Bitcoin on the 18th and the entry of a large number of investors to raise funds, a large amount of profit chips were accumulated in the short term, and then Bitcoin on the 19th ushered in The callback trend and the daily closing trend of super long downward pins indicate that sufficient chips have been exchanged at this position. After the early profit floating chips are washed away and the cost of retail investors' holdings is increased, it is convenient for the market to further rise. From then on It can also be seen from the market trend that the trend has not broken the key long-term upward trend line support of the daily line. After a brief correction, BTC once again entered the accelerated upward mode until it soared to the highest point of the 13-year bull market at $1,163.

2018.3.14

On March 14, 2018, the U.S. Congress held a hearing on the theme of "Examining the Digital and ICO Market." Representatives from various states conducted hearings on practitioners from exchanges, universities, law firms, and research centers. The hearing marks the first time that issues surrounding initial coin offerings will be addressed specifically within Congress.

This hearing was full of tension from the beginning. Representative Brad Sherman (Rep. Brad Sherman)
In his opening remarks, Sherman claimed that cryptocurrencies are "junk" and a scam, used by terrorists and criminals to move money around the world, tax evaders to evade taxes, and startups to raise funds for fraud.

Of course, this argument is not surprising. Throughout the hearing, there were both supportive and critical voices. But in the end, participants all pledged to strike a balance between regulation and technological innovation.

Affected by this regulatory concern, Bitcoin made a sharp correction from the daily high of $9,350 to a low of $7,950, falling directly below the key support of $8,000. The downward trend was relatively large, with a drop of more than 15%. The K-line on the market can also see the closing price. When a big negative line appears, the decline can increase again, a large number of panic orders quickly emerge from the market, and the currency price quickly approaches the lower line of the falling wedge triangle, showing the overall weak trend. However, due to the continuous decline, BTC experienced a short-term rebound trend. The rebound touched the upper edge of the triangle and then turned downward again, and then entered the second round of weak bottoming trend. Finally, the end of the triangle broke through and entered a mid-term rebound. This incident still had a certain negative impact on the short-term trend of BTC. The main funds also seized the opportunity to further suppress the currency price, and then aggressively accumulated funds at a relatively low level. Finally, a periodic mid-term oversold rebound was formed, and the currency price also dropped from 6,500 US dollars. It rebounded sharply to around $9,900, with a rebound rate of more than 50%.

2019.7.16

At 10 a.m. on July 16, 2019, the Senate hearing "Examining Facebook's Issuance of Digital Currency and Data Privacy" was held in the U.S. Congress. David, head of Facebook blockchain project Libra
· Marcus(David
Marcus was subjected to rigorous questioning by lawmakers. The lawmakers’ questioning caused the price of BTC to plummet. For detailed analysis, please see the article. The plummet caused by the Facebook Senate hearing? What will happen in the House of Representatives tonight?

2019.7.17

At 10 a.m. on July 17, 2019, the House of Representatives hearing "Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the U.S. Financial System" was held in Walton, USA. David
Marcus continued to be questioned. During the two consecutive days of hearings, most of the lawmakers were skeptical, but the market's reaction was different. For detailed analysis, please see the article Facebook Hearing Has Been Settled. Where Will BTC Go?

It can be seen from past historical data that the price of Bitcoin rises and falls at each congressional hearing, mainly depending on the attitude of the congressional hearings towards encrypted digital currencies. If the result of the hearing is more positive than expected, it will push the currency price to rise further in the short term. If the hearing adopts a more negative attitude, it may have a negative suppressive effect on the price of BTC, causing The currency price fell sharply.