Bitcoin passed the $ 11,000 mark Monday, reaching a more than 15-month high as a well-known Facebook project brought crypto currencies back into focus.
The digital coin reached an intraday high of $ 11,307.69 at 5:30 am HK / SIN Monday, according to Coindesk's Bitcoin price index, which takes into account the price of cryptocurrency across multiple exchanges. This is the highest level since 5 March 2018. Bitcoin had mitigated some of these gains and was trading around 10.05 pm HK / SIN at around $ 10,624.10 on Monday.
Investors seem to shake off some of the memories from the Bitcoin outbreak bubble, having reached a record high of over $ 1
But since the end of February, Bitcoin has been on the rise again as large companies began announcing projects related to cryptocurrency. Fidelity launched a cryptocurrency custody and transaction execution operation in March. But it may have been news about the cryptocurrency of Facebook that has helped boost Bitcoin.
"Price increases are due to two major factors, one of which is the growing consensus among the investment community that Bitcoin is a legitimate value store for the digital age, and the introduction of the Libra cryptocurrency on Facebook has forced every CEO to crypto Jehan Chu, co-founder of Kenetic Capital, an investor in blockchain start-ups, told CNBC:
Blockchain is the underlying technology for Bitcoin. However, Facebook's project has been confronted with many questions from politicians and central bankers who are following its development closely.
Bitcoin has grown more than 170% this year. The increase in Bitcoin has also helped raise prices for other digital coins such as Ethereum, which have more than doubled this year.