Bitcoin has climbed to a one-year high of $9,000 (£7,149), the highest since May 2018. The boost came as reports emerged Facebook Inc is due to launch its own cryptocurrency. According to CoinDesk’s bitcoin price index, the world’s largest digital currency travelled as high as $9,381.82 this weekend.
The number sends Bitcoin up 140 percent since the start of the year.
The BTC price dropped slight on Monday, to $9,157.59, down 1.5 percent from Sunday’s high.
The news of Facebook reportedly looking into unveiling a digital currency added optimism to investors in the digital coin.
This is because cryptocurrencies are becoming more widely adopted by mainstream finance.
Rival coins to Bitcoin also climbed, with Litecoin up five percent and Ethereum rising 5.5 percent.
Stocks linked to cryptocurrencies also rose in Asia, with Remixpoint Inc. up six percent.
Monex Group Inc and Ceres Inc ended the day advancing at least 2 percent in Tokyo while Vidente Co climbed 2.7 percent in the South Korean capital of Seoul.
Brett McGonegal, CEO with Capital Link International told Bloomberg TV why digital currencies are now climbing.
He said: “The simple fact is, in a time when people are looking for some sort of safe haven or some hedge, money has found its way to Bitcoin.
“The inflection point in any major play to a nascent asset class is the attachment point to institutional money.
“If institutional money starts to touch bitcoin that’s when you go much higher.”
Bitcoin is up about 140 percent in 2019 and the Bloomberg Galaxy Crypto Index has also doubled in value.
The massive boost is due to companies looking to deepen their offering of cryptocurrency services.
Some investors have said the latest reports detailing Facebook’s plans to launch a digital currency as soon as Tuesday are pushing people toward Bitcoin.
Several news outlets have leaked details of the venture, with one saying it will let Facebook employees take their salary in the form of the new currency.
Analysts at RBC Capital Markets said last week they believe Facebook’s virtual currency “may prove to be one of the most important initiatives in the history of the company,” giving it a chance to bring in more engagement and revenue.
Published at Mon, 17 Jun 2019 09:24:00 +0000