Bitcoin increased over the $ 11,000 mark on Monday and hit over 15 months high, as a high-profile Facebook project throws crypto inverters back into the spotlight.
The digital coin hit an intraday high of $ 11,307.69 around 5:30 pm / SIN Monday, according to the Coindesks Bitcoin Price Index, which takes into account the price of the crypto course across various exchanges. It is the highest level since March 5, 2018. Bitcoin had paired some of these gains and traded at around $ 10,624.10 at 10.05 HK / SIN Monday.
Investors seem to be shrugging off some of the burst's bits of the bitcoin bubble after it hit record highs of over $ 1
But since the end of February, bitcoin has marched higher again, when large companies began to announce crypto-related projects. Fidelity rolled out a cryptocurrency detention and trading execution operation in March. But it was perhaps news about Facebook's Libra cryptocurrency that helped boost bitcoin.
"The rise in prices is due to two main factors, one is an increasing consensus among the investment community that bitcoin is a legitimate value creation for the digital age, and two Facebook's Libra crypto-rally launch has forced each CEO to take crypto seriously," Jehan Chu , co-founder of Kenetic Capital, told an investor in blockchain startup CNBC.
Blockchain is the underlying technology of bitcoin. Facebook's project, however, has met many questions from politicians and central bankers who are keeping an eye on developments.
Bitcoin is now over 170% this year. The rise of bitcoin has also helped raise the price of other digital coins such as ether rooms that have more than doubled this year.
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