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Bitcoin’s incredible turnaround from last year’s massive decline in value continues. Crypto industry experts have been weighing in on the rally all year long. Early increases have been linked to market speculation that was not backed by any tangible market conditions. Following a retreat in value to a level just above $7,000, bitcoin has exploded with a 20 percent gain in the month of June alone.
This latest surge to levels just below $11,000 in Monday’s trading can be attributed to one driving factor; Facebook. The rally, as reported by the French News Agency and translated on Yahoo News, has BTC trading at $10,857. This is up from $9,939 as of late Friday. The latest value is closing in on a 16-month high. It has also overshadowed the stock market, foreign exchange, and commodity markets ahead of this week’s G20 summit.
The social media giant has decided to enter the crypto market with its digital unit called Libra. The official unveiling of Facebook’s plans took place last week, and the market reacted positively. The market price actually peaked at $11,251 before retreating slightly to its current level around the $11,000 mark.
“The strong resurgence in bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them. Projects like Facebook’s Libra have provided much needed tailwind for this space.”
Facebook has planned the launch of Libra for some time next year. It will be backed by a number of fiat currencies, which is a new twist on things. It will also be backed by traditional financial giants and other mainstream companies such as:
“Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels.”