- Bitcoin’s price rose as high as $US9,477 over the last 24 hours after Facebook announced it’s new cryptocurrency Libra.
- Ethereum and Ripple also hit multi-month highs during the same period.
- Facebook’s push into cryptocurrency is renewing optimism that digital currencies could become widely accepted by consumers large companies.
- Watch Bitcoin trade live.
The rally is a result of increased optimism that cryptocurrencies will be widely adopted by both mainstream consumers and the world’s biggest companies.
“A lot of more people around the world will be reintroduced/introduced to crypto and blockchains again because of this news and that will only shed more light on the current dominant crypto-asset that’s live – bitcoin,” said Sid Shekhar, co-founder of crypto research firm Token Analyst.
Libra could provide the Facebook’s billions of users with a broader suite of financial services. The currency will be overseen by a group companies including Mastercard, Visa, Uber, and Spotify. Facebook shares were up roughly 2% before the bell on Tuesday.
Bitcoin is up about 150% so far this year, and cleared the $US9,000 level for the first time in months on the Libra news.
Business Insider Emails & Alerts
Site highlights each day to your inbox.