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Bitcoin surges past $11,000 – highest level in 15 months as Facebook Libra ‘boosts BTC'


The price of bitcoin surged as high as $11,247.62 in early trading hours, its best standing since March 2018. By 7.53am BST, bitcoin had fallen slightly and was quoted at $10,691.63, according to data from cryptocurrency price website Coin Desk. Bitcoin is now up more than 170 percent this year. In the crypto glory days of December 2017, BTC peaked at almost $20,000 and watchers of the digital currency have been keeping an eye for bullish movement in the hope of positive momentum.

Experts have since suggested the renewed interest in BTC overnight came from Facebook announcing details of its own cryptocurrency, Libra.

The social media giant unveiled plans for a coin that can be used across its vast network of more than two billion users who will be able to transfer money and purchase goods without fees.

In a statement released earlier this month, Facebook said Libra would be available under a project labelled ‘Calibra’.

Supporters of the new digital currency said Libra has the potential to be “truly transformative” for those who struggle to find financial services around the world.

David Marcus, who started delving into blockchain at Facebook last year, told The Sun: “Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem.”

However, critics questioned whether the project could open up data privacy issues.

Phil Chen, decentralised chief officer at Taiwanese electronics giant HTC, said: “GlobalCoin will give Facebook even more direct access to your financial information.”

The Bank of England took a more optimistic approach, saying it would welcome Facebook’s plans “with an open mind but not an open door”.

But Governor Mark Carney stressed Libra and other digital payment providers must be brought under the wing of global regulators.

Bitcoin hit $9,000 at the end of last week shortly after the Facebook announcement.

Jehan Chu, co-founder of Kenetic Capital, said the interest in Libra is forcing businesses to pay close attention to cryptocurrencies.

He told CNBC: “The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously.”



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