Facebook, Fed Shoot Bitcoin Price to Near $10,000

Bitcoin is getting closer the $10,000 rate per unit for the first time in 14 months.

The BTC/USD exchange rate on Friday settled an intraday high towards $9,899, according to CoinStats’ cryptocurrency portfolio tracker app. The upside move took the cryptocurrency’s market capitalization to near $176 billion, which now makes almost 58 percent of the total crypto market.

bitcoin, bitcoin price, btc usd
Bitcoin Price Expecting Resistance at the $10,000 Level | Source: CoinStats’ Cryptocurrency Portfolio Management App

The first sign of a BTC breakout action came only 12 hours after the Federal Reserve took a dovish stance. The US central bank eventually decided to cut interest rate by 0.25 points by this July, leading to a weaker US dollar sentiment. As a result, the US equities rose higher, sending a similar buying sentiment in the gold market.

That has also been viewed as a bullish move for bitcoin, which has long been touted as an alternative to inflation-friendly national currencies.

Facebook Coin is Bullish for Bitcoin

Not strictly, but the bitcoin price rise also followed the unveiling of Libra, the native token of Facebook’s upcoming blockchain-based payment project Calibra.

Analysts view Libra as a gateway drug to bitcoin, believing it would bring more people to the doors of the world’s first decentralized cryptocurrency.

“Libra will expose 2 billion Facebook users to crypto. Because of its huge network of over 2 billion users, Facebook products cast a wide net. Libra will breed familiarity of cryptos to a much wider audience. Two billion people will now be much more open to Bitcoin and other altcoins.”

said Jasper Lawler, head of research with London Capital Group.

At the time of this writing, the bitcoin price on CoinStats crypto portfolio management app was $9,878, up 5.34 percent in the last 24 hours.

Where do you think bitcoin will head from here? Tell us in the comment box below.

Published by Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.