Bitcoin price climbs above $9,000 amid Facebook crypto talk

- Advertisement -

Omar Marques | LightRocket | Getty Images

Bitcoin leaped across the $9,000 mark on Sunday, boosted by reports that Facebook is soon set to launch its own cryptocurrency.

The world’s largest digital coin traveled as high as $9,381.82 in the last 24 hours, according to CoinDesk’s bitcoin price index. The last time bitcoin hit a level as high as $9,000 was May 2018. Bitcoin is up 140% since the start of the year.

It pared gains slightly on Monday though, dropping 1.5% to $9,157.59.

The more than one year high comes amid news that Facebook is reportedly set to launch its own crypto token as early as Tuesday. 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.

Bitcoin has made a stunning turnaround in 2019, after a miserable year for the asset that saw it plunge more than 70% over the course of 2018. Other digital currencies also tumbled, but have experienced a similar rise, with ether more than doubling and XRP up 23% year-to-date.

- Advertisement -

Experts say the involvement of large companies like Facebook and AT&T in the crypto space is helping to lift sentiment, as it gives a degree of legitimacy to an industry long plagued by talk of illegal activity, speculative trading and regulatory scrutiny. AT&T said last month it would start accepting crypto payments through a partnership with BitPay.

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.

Source: CNBC

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

This is How to Buy and Sell Bitcoin

Now more than ever, there are a variety of ways to enter and exit the crypto market. While this is good, the availability of...