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Bitcoin surged above the $ 13,000 mark, posting double-digit gains this week.
The world's first and largest cryptocurrency rose 15% to a high of $ 13,485.85 on Wednesday afternoon, the highest level since January 2018, according to the industry's CoinDesk. With the increase, Bitcoin's earnings have risen by more than 40% for one week and over 240% since the beginning of the year. While Bitcoin's price movements may be opaque, analysts largely regressed the recovery from the lows of 201
"The scale of the recent appreciation is remarkable," said Jim Reid, multi-asset analyst at Deutsche Bank, in a statement to clients on Wednesday. "Obviously, the reluctance of central banks has recently led investors to consider alternative currencies, but perhaps Facebook has re-eyed the cryptocurrency in revelation of the Libra currency."
The cryptocurrency project "Libra" of Facebook, which is expected to be launched live in 2020, is not controlled or fully managed by the tech company according to its White Paper. Stripe, Uber, Mastercard, Visa, PayPal and Spotify are among the dozens of other companies involved in the project.
Bitcoin's bounce marks a significant turnaround over poor performance over the past year. It and other cryptocurrencies slid by more than 70% by the end of the year, as high-profile hacks, the rollout of coin deals, and the lack of new Bitcoin trading offerings such as a stock-traded fund dampened the craze. Bitcoin started trading at $ 3,700 this year and has more than tripled since then. Prices are still below their all-time high of $ 20,000, which was reached in December 2017.
— CNBC's Yun Li contributed to the coverage.