Announcing CryptoSlate Research — gain an analytical edge with in-depth crypto insight. Learn more.

Bitcoin breaches $10,000 after markets settle from Facebook Libra news

Bitcoin breaches $10,000 after markets settle from Facebook Libra news

Bitcoin just broke $10,000 after the markets settled following Facebook’s Libra reveal.

The cryptocurrency markets were in the red across the board following Facebook’s Libra announcement, a stablecoin which pundits say is an attempt at a new world currency. Most coins saw low single-digit losses.

Pundits were divided on how Libra would impact Bitcoin. Facebook’s coin could either outcompete Bitcoin, or complement it by expanding the sector’s user base and fostering public interest in cryptocurrency.

Now, two days after the announcement, it appears the markets have settled and deemed Libra a positive development for the crypto space. Both Bitcoin and major altcoins saw two days of robust gains, with BTC now breaching $10,000 resistance.

Bitcoin 10K on TradingView
BTC/USD chart by TradingView

The surge in prices is backed by a larger-than-usual reported volume of $21.5 billion, affirming the trend.

The last time Bitcoin saw prices at these levels were in March 2018, preceding the multi-quarter bear market. In 2017, 18 days after BTC hit $10,000 it reached highs of $20,000.

Other factors that could be precipitating the continued growth in Bitcoin’s price is the halving. A little under a year away, the halving will reduce the block reward from mining from 12.5 BTC to 6.25 BTC, substantially reducing the emission of new coins and increasing the scarcity of the cryptocurrency.

Other altcoins also pumped alongside BTC. Over the last 24-hours, Ethereum rose 8.0 percent to $295.50. Other altcoins that posted extraordinary gains include Bitcoin Cash, up 5.3 percent, and Binance Coin, up 5.8 percent.

Now that Bitcoin has passed the $10,000 psychological barrier, advocates say that it may only be a few weeks before it once again hits $20,000.

Bitcoin | BTC

Updated: Jun 22 at 8:43 am PDT
$10,836.09
10.07%

Bitcoin, currently ranked #1 by market cap, is up 10.07% over the past 24 hours. BTC has a market cap of $192.6B with a 24 hour volume of $28.22B.

Chart by CryptoCompare

Bitcoin is up 10.07% over the past 24 hours.

Filed Under: Bitcoin, Price Analysis, Price Watch
Mitchell Moos

Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.