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: Nov 7 at 2:52 am UTC

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.

Posted In: , Price Watch

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Mitchell Moos

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

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