Cryptocurrency

Bitcoin breaks through $13,000 barrier amid Facebook’s crypto push

Avatar Written by Sajeel Syed · 1 min read>

Bitcoin prices have been witnessing a swift increase from the last couple of months and recently it blew past $13,000 for the first time since January 2018. Bitcoin is currently trading at $12,795 (as of writing) as you can check our website’s top banner for cryptocurrency prices.

Meanwhile, Bitcoin, the world’s largest digital currency by market value recently reached $13,079, according to CoinDesk bitcoin price data. It is worth mentioning here that Bitcoin had jumped more than 340% since its recent low of close to $3,000 in December last year.

Read more: Up For Debate – Is the State Bank’s ban on cryptocurrencies justified?

The recent escalation in Bitcoin’s price is also being associated with Facebook’s announcement of launching a cryptocurrency project under Libra Association. Facebook has unveiled its crypto wallet named — Calibra, which will be backed by large tech companies like Uber and other financial giants such as Visa and Master card. Though this joint venture of big tech firms is expected to face scrutiny by US regulators next month, yet it did help Bitcoin to keep up its long-forgotten bull run.

It must be noted that Bitcoin’s recent price hike is an example of several major elements finally coming together and there is not one particular thing that caused the increase. Moreover, Facebook’s crypto push is likely at least partially helping push other cryptocurrencies higher, but it’s far from the crypto king.

For the time being, the total daily volume for Bitcoin has also shown a major increase with the world’s largest exchange, Binance, posting record-high trading volume in all cryptocurrencies over a 24-hour period. In the same manner, other exchanges such as Bitstamp and Coinbase have also 500-day highs in total daily volume for June 26, with over 81.2 million Bitcoins traded in a single day on those exchanges.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism.Follow me on Twitter: https://twitter.com/sajeelshamsi Profile

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