Bitcoin (BTC) already traded over $ 9,000 when Facebook formally uncovered its Libra cryptographic protocol.
Despite many commentators claiming that the current bitcoin price point is due to the social media giant, a glance at data bit momentum far ahead of Libra.
As Cointelegraph reported, Facebook revealed a site for its crypto course on June 18, when BTC / USD fluctuates around $ 9,200.
After the website went, the largest crypto competition was actually falling in price for several days before recovering the ground to increase to current heights above $ 11,300.
The Bitcoin bull market began April 1
However, the idea Facebook is unique fuel in inflation, continues to permeate the press, including regular media titles.
"Bitcoin has slowly – by its own standards – risen in recent months, but the launch of Facebook's Libra has obviously been a catalyst for the recent rise," said Craig Erlam, senior market analyst at the financial trading company Oanda. The Guardian in an article published June 24.
The confusion seems to originate from a related concept such as interest and publicity from Libra will have an impact effect on cryptocurrency in general.
"The publicity that the launch has once again led to space, combined with the legitimacy it offers, has understandably encouraged society," Erlam added.
Other sources agreed on Facebook's limited role, but lacked faith in Bloomberg calling current enthusiasm "back of a speculative dream."
But as details about Facebook's plans trickle down, criticism is mounting over Libra's technical features, which undoubtedly gives it little in common with public blocks.  Far from consumers, there are institutions that appear to be the centerpiece of bitcoin interest. 40% public fund prize, Greytonale Bitcoin Investment Trust (GBTC), along with record trading volume for bitcoin futures, are two recent examples of the phenomenon.
Cointelegraph has recently published a dedicated piece that summarizes the most likely factors behind the bitcoin, increasing to $ 11,000 and possibly beyond.