Bitcoin Hovers Above $9,000 on Facebook’s Reported Move Into Cryptocurrency

18 Jun 2019

Bitcoin Hovers Above $9,000 on Facebook’s Reported Move Into Cryptocurrency

Prices of the major cryptocurrency were mostly higher on Tuesday in Asia, with Bitcoin hovered above the key $9,000 level on Facebook’s reported move into cryptocurrency.

Bitcoin rose 2.1% to $9,267.4 by 11:30 PM ET (03:30 GMT). Ethereum gained 0.7% to $270.23. XRP jumped 4.3% to 0.44642, but Litecoin underperformed and lost 1.5% to $133.058.

Facebook (NASDAQ:FB) is reportedly launching a new digital asset to be used as a peer-to-peer payment within messenger apps. Bitcoin surged immediately following the news, as some analysts said the news could be the biggest boost for virtual coins in history.

“Facebook’s efforts in the space has the potential to be one of, if not the most significant external catalysts for Bitcoin and crypto adoption in the technology’s history,” said Spencer Bogart, general partner at Blockchain Capital, in a CNBC report.

Other analysts said the move by the social media giant could motivate other big financial firms to get out of “wait and see” mode.

According to CNBC, the company is also planning the launch of physical, ATM-like machines where users could purchase the currency and that company employees would be able to collect salary in the form of new currency.

Multiple news media reported earlier that Facebook might officially announce its plan this week, helping bitcoin rally above $9,000 to more than a one-year high.

In other news, Binance, the world’s biggest crypto trading platform, pre-announced a soon-to-come $81 million or so Bitcoin transaction via Twitter on Monday.

The company will soon offer a Bitcoin-pegged coin too, according to a company spokesperson.

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