Bitcoin Forum

The latest monitoring shows that the price of Bitcoin is above USD 9,200 per chip. The increasing crypto currency value is in line with its market capitalization which also jumped to USD 163 billion,

It's been a while since the digital currency posted that value. The last time Bitcoin had a price above USD 9,000 occurred in May 2018, or more than a year ago.

Investigating, the presence of Facebook's digital currency has contributed to controlling the value of Bitcoin. Some investors say the social networking plan is encouraging people to buy Bitcoin. This shows optimism for the increasingly widespread application of cryptocurrency in the mainstream financial system.

Not long ago, Facebook was rumored to be launching its digital currency on June 18. That date is much faster than the previous news that said that they would only launch digital currency globally by 2020.

Later, the digital currency which is called to be called stablecoin can be an option for Facebook employees as a form of payment of their salaries. In addition, the company made by Mark Zuckerberg also targets the currency to be used in developing countries where many residents still do not have bank accounts.

I don't think that it's only because of facebook.

Even before their announcement, the market has became better although I consider them contributed to the recent growth of the market.

Nope! I don't think facebook has slightest relation with the bitcoin's price surge! Probably it has just help to boost the morale of the crypto users worldwide, but nothing else.

Like you, even I am looking for a valid answer behind this steady growth in bitcoin's price and hovering over to a lot of news website for some insight. I encourage you to read the below article which seems to be the most realistic explanation behind this growth,

https://www.coindesk.com/bitcoins-2019-price-run-driven-by-real-transaction-growth-analysis-shows

Facebook is nowhere mentioned it seems!

Bitcoin price could rise because of Libra, but only on long term, when, as somebody said, people will "see" Libra and will want "the real thing".
But Libra is just another stablecoin, one that's even worse than most of the ones we already have around.

Libra was announced June 18, Bitcoin hit $9200 on June 16. The current prices has nothing to do with Facebook. People are overestimating its effect on the market; it's not guaranteed to be successful (https://www.techworld.com/picture-gallery/social-media/17-failed-facebook-products-3605823/) just because Facebook launched it.

Why would a "Private Coin" like StableCoin, bump the Bitcoin price? You know all other Alt coins and GovCoins and Blockchain based technologies are in competition with Bitcoin.... right? Yes, they take capital that could have been invested in Bitcoin away to be invested in those tokens.  >:(

Yes, some people who has never bought any Crypto currencies before, might be sparked to buy other type of coins, once they see the potential gain, but that would only be a very small percentage of the new market.  ::)

You beat me to this mate, the difference is Cristal clear that, Facebook never contributed to the recent Bitcoin surge and should be attributed to it either. To the best of my knowledge about facebookcoin, its centralize and will not be appreciated by many programmers becasue, at the end of the day facebook will ban dapp, and will also sell out users data to the public for their selfish interest.

Bitcoin have already been climbing before Facebook made their announcement, Bitcoin can stand on it`s own as it has been from the beginning. Though Facebook might made impact on the people`s decision, I think it is just a little factor. That`s why you can`t just give all the thanks or credit to FB.

Stop this stupidity, libra is not a cryptocurrency!

Bitcoin and libra is completely different things, actually they are opposite things. Bitcoin in its essence stands for decentralization of power , the LIbra's power is centralized and what is more horrible - the power will be in hands of current payment giants - VISA and PayPal

First I thought Facebook founder finally invest into bitcoin, then I read the title and finally realized they just create another fork or spoon or chopsticks whatever. It is hardly justify they actually did anything to bitcoin price.

I think people are just reacting to the news that Facebook is coming into cryptocurrency and by them using blockchain technology to create a coin it will make mainstream easier. Facebook is one of the most popular social media and as such whatever they thinks to do , do attract world populace. I am happy that cryptocurrency market is now reacting to this news in a positive ways and not negative ways and I hope this will continue!

going up 2-3% is not called "skyrocket" in any market specially bitcoin market that 10% rises are still considered small rise :D
if you haven't figured this out yet then maybe you shouldn't start talking about bitcoin price at all. besides this rise was the continuation of the rise that has been going on for a while now ever since a couple of months ago price exited the downtrend and reversed upwards by breaking the $4k resistance.

Facebook and their centralized payment system is not even a cryptocurrency as we know it! and it has not yet gotten hyped up to be able to betray enough people's privacy for them to seek out decentralized bitcoin instead.

Bitcoin price was increasing long time before facebook has officialy announces their fkn libra coin... i really doubt that it has something to do with facebook coin. There are so many factors spaeaking for an increasing crypto market... + adoption and technology was moving forward during the bear market

I don't think Facebook's cryptocurrency talks has anything to do with the actual happenings in the bitcoin market of recent times. Even before the launch of Libra Coin was realized, bitcoin was already in a craze and has been hitting the greens for months. If anything, the launch perhaps helped people trust in cryptocurrencies more, or at least know that giant companies are also on the verge of introducing more to the table, especially cryptocurrencies of their own.

What is this Facebook coins everyone is fascinating about, why it has to do with Libra coin, I don’t know anything what they’re bragging about, but I really looking forward to Facebook founder to finally put their money in where their mouth is. And wow, their so called chain are having first genesis block at 2019, which is 10 years late to the party? I think they’re extremely slow to the adoption.

It seems like the current development of Bitcoin prices is not the influence of Facebook planning to launch a crypto currency, some time ago the price of bitcoin has begun to grow

No the price movement of Bitcoin cant be justified with the news about facebook and there project alone. It for sure stimulate the overall crypto interest now facebook have released there plans.

I think this has no effect on the price of Bitcoin, indeed, from the very end, Bitcoin has begun to crawl up though gradually, with news that Facebook issued a statement regarding libra coins that Facebook wants to bolt, does not mean that prices are rising in all markets because the news, I think this is your mistake !!

Facebook also wants to introduce cryptocurrency to the mainstream. The company wants to allow WhatsApp users - a chat platform - to send and receive money through the application. This will also allow Facebook users to send and receive funds instantly. The cryptocurrency project is already at the level that has discussed selling "Facebook Coin" to consumers on the top cryptocurrency exchange.

OP is overestimating the influence of Libra to Bitcoin. Bitcoin is already in a bull trend long before the announcement of Libra. I do not see it affecting the price of Bitcoin.


While the head of the project said that Libra is distancing itself from Bitcoin. https://cointelegraph.com/news/head-of-facebooks-libra-distances-it-from-btc-well-share-information-with-authorities
I do not think that is an encouragement to buy Bitcoin.

Facebook has nothing to do with bitcoin price increase as of now knowing that Libra coin is still in question by US and it's launch is not yet fixed even if they have said that they are going to launch it this year.

Bitcoin price has skyrocket because the big investors are starting to stock their own investment and the small investors are following it. Let's just hope that the launch of facebook coin will not affect the price of bitcoin.

Facebook will definitely play a bigger role in crypto because of this Libra project. If they have made circle of friends to partner up with, the bigger its network will be in terms of coin reputation. It could be the case of facebook announcement that help the spike.


The rumors made investors buy BTC and that was before the announcement but now that the government is trying to stop its development, the price also drop. News are just news though,  looking forward that they will continue the project.

i think you really need to take a look at the bitcoin history!
whenever some news causes some sort of rise it is not 1% rise. it is instead at least 15% rise. in other words if Facebook were actually caused any kind of rise in bitcoin then price should have reached at least $10100 for it to be a thing.
going from around $8900 to $9200 is not a big rise to be from Facebook.

and obviously as others have also said Facebook news has nothing to do with bitcoin. it is a new centralized money they are printing which doesn't even mention bitcoin in its 10 page long paper!

in fact they will be released in 2020, precisely what I know is that bitcoin halving schedules also occur in the same year, so that might also be a driving factor for the sharp increase in the value of bitcoin in that year, but who knows, I'm just a trader small who want big profits 

It's not Facebook that caused the spike. People are psychologically bullish on bitcoin and they just can't help but keep buying. Without Libra coin, bitcoin will surpass $20k again.

The price movement is indeed very positive. Bitcoin is worth $9k, and there does not seem to be a reason for this to be the end of the upward trend. I honestly did not notice the $9k achievement, because Bitcoin has been worth almost that for some time now. At the same time, I don't think it has much to do with the Facebook coin. It's just that the positive trend kind of feeds itself. People now see that the market is clearly recovering, so they feel like now is a safe time to invest. This leads to even more investments as the price is growing and people don't want to be left out.

But wait, I think Facebook coin is going to be doom before they can even take-off as US congress is calling for a halt on the development-> https://www.coindesk.com/facebook-has-yet-to-answer-us-lawmakers-questions-about-libra-crypto. So personally, I don't think that this Libra coin will have a big impact to us. The price is bitcoin is increasing because it is still under-bought and it's about time that it needs to go up because we are not in the bullish sentiments.

What the hell on this stuff? I never ever believe that Bitcoin price goes up because of Facebook hype as of this moment.

The market is already better,good and recovering before such news pop-out so that's why this is totally irrelevant.

There is nothing to relate the growth of bitcoin along with the Facebook. With its emergence of new coin it gives a learning to people around the world about cryptocurrency which was spoken negatively till date for various reasons. With Facebook into the race now the same negativity will be understood positively by people. This will help bitcoin to get considered as currency or some form of asset than a illegal transaction medium which is the common understanding that people have at the moment.

I think it's not the Facebook coin will come the reason why bitcoin is growing again its a fact that the right price is for this moment, maybe coincidence the announcement of Facebook coin and the high price of bitcoin.

No direct impact since Facebook coin is full of hype right now but maybe investors used this news to accumulate. We have to thank those companies who are using cryptocurrency now because they also help bitcoin to rise not just Facebook, because its still speculation. I guess the halving is getting near and this might the primary reason why.

A year from now if Facebook raises general awareness or acceptance of this kind of transaction then we can debate if BTC gained from that but right now this rally isnt from Facebook.   That story of industry taking on crypto is old now, its not part of the price or newly traded strength

The block halving is an event that has proven to steer up the price before and after, and that's what people are trying to buy into. There aren't many events that are bullish and guaranteed to happen like the block halving.

This Libra coin fueling Bitcoin nonsense has just one purpose, which is to make Libra look more relevant and potentially tempt people to buy into their stock, which has seen a 5% increase in the last 5 days, so it might work for them.

First it was JPMs coin that was super bullish for Bitcoin, and now it's Libra coin. What's next? I knew news sites such as CNBC and Bloomberg were poor with their crypto reports, but they managed to sink even deeper....

But it has nothing to do with bitcoin.

They will continue the project and it's already announced, I don't think that there will be a time that they will announce of stopping the project. It's already known worldwide.

i could imagine hype around libra indirectly benefitting bitcoin's price. i saw someone mention he had friends calling him asking him about buying crypto in response to facebook's announcement. there's no way around it; facebook is huge. that kind of exposure for cryptocurrency is huge. at least some of that hype and adoption around libra will spill over into real cryptocurrencies like bitcoin.

i don't think we've seen any real effects yet though. average joe noobs haven't even had enough time to fund exchange accounts yet. they'll be providing fomo above $10k, not down here. ;)

When the facebook news came out, at least to the public, BTC was trading sideways and still is.

I am thinking the wall paper might of been leaked back in April and caused some insiders to buy and which caused the huge price instead. When they announced it a couple of days ago, it was after BTC failed to break the $9500 high.

I still think that if we break $10K along with this facebook news, then we might finally get some real FOMO going on. People will want to buy at $10K instead of waiting for $20K.

Those investors are recognizing Bitcoin wont go away and are confident enough to jump inn. Facebook makes a blockchain for there own data sourcing pretending it is for the benefit of the user.

Agree, but their main intention about the Libra coin is a stable coin which it is impossible to trade the coin in the exchange. I hear somewhere people are talking about this in this forum if it is a stable coin then what is the use of using this Libra coin because most of the people will show an interest only when the demand is kept increasing which means the value should increase in the market.

Throughout 2019 itself, the price of Bitcoin has increased by more than 130%. Although not identical, the same trend also afflicts a number of other digital currencies.

Ethereum for example. Based on data from CoinMarketCap, throughout 2019, its value has also skyrocketed more than doubled from USD 133 on January 1 to USD 269 today. Then, improvements can also be seen in Ripple, Litecoin, and Bitcoin Cash.

What rocket? We are still at 9k.

Who are those investors who are saying that? Do not tell me it's Tom Lee and these other experts who never hit anything. I believe that the price is going up because people do not want to stay behind because of the Bitcoin Halving


now it's $9500


these altcoins increased because bitcoin increased in price. look in terms of pair Altcoin - bitcoin

currently:

ETH = 0,028 BTC

But:

on January 3 the price was 0.039 BTC

Improvements?

Ethereum all time high $1400 versus $270 current price.

XRP all time high $3.7 versus $0.43 current price.

Bcash all time high $4000 versus $410 current price.

Litecoin did better, but that only because of the block halving that's going to take place in less than two months. I'm sure that without the block halving it would be hovering around the $50 mark still.

Bitcoin is where all the money is going into and with the block halving being so far away still, I doubt we'll see altcoins make a move out of their current position, and then I'm not even talking about their poor BTC ratio.

People often think that when altcoins have gone down a lot that they will have to recover sooner than later, but altcoins are known to go down well beyond what you consider fair or oversold.

Yes, personally I think that with the announcement of Facebook coin specifications yesterday it has stimulated new Investors to buy Bitcoin, because we know that Facebook is a successful company now, so when Facebook decided to plunge into the Crypto world, it would have a good impact on Bitcoin .

I don't think facebook coin is the behind of all this market hype of bitcoin because bitcoin made a bullrun even without this event. I think the main reason of this it is because of gradual came back of crypto investors in crypto world. And soon bitcoin will make a skyrocket nore than our expectations.

It makes people curious about what crypto is and how it works indeed. I hope they can see the differences and notice it is just a tool to make the ultra rich richer and to have control over it.

Facebook has nothing to do with the increase of bitcoin and bitcoin hasn't "skyrocket" just yet, it has been a slow increase for sure but those who do not remember the peak 2017 and how we reached there may consider this a skyrocket themselves.

We know bitcoin going 10%+ a day for a month to reach 20 thousand dollars multiple times and before that during 2014 we have reached from 150 dollars to 1400 dollars in a month as well whereas this time around it has been 2 months and bitcoin only managed to went from 3 thousand to 9 thousand which is still a great increase but not a skyrocket at all. Plus the biggest increase during 3k to 8k times happened way before libra was announced so it definitely has nothing to do with it.

You need to be really a shill of Libra to think they have any connection at all.

I wont agree or disagree. I will just be in the middle of it all.
Because it could be one of the reason or not even a single reason that it is the culprit. We just dont know.

Here is the good part though after all this drama about Libra ends.
They will be looking for the real investment and not stay with something that is just equal to USD. Same will happen with USDT. Just used by traders as their scapegoat for large amount of real coins into fiat or for safety because of the volatile market.

Libra coin (The facebook coin) is not the main reason of bitcoin prices to skyrocket. The bitcoin price is increasing because baktt platform is very near to launch and bitcoin volume can increase to a greater extent which may make bitcoin prices to rise very high. Facebook coin has its own significance and bitcoin price has nothing to do with it.

Take a look again the price today.
Just a small push and it almost gonna break a new resistance level which is $10,000. I've never been so excited to see such price slowly pushing upward within just a little time. I don't know if it is really because of Facebook since i don't find any connection of the price to push so far like this.

Same thinking here. Obviously this is just some stablecoin with no relation to Bitcoin. But the fact that it's a "cryptocurrency" being pushed by Facebook and it also might trade on exchanges like Gemini and Coinbase could create some new hype around crypto. It'll mean more money sitting on the sidelines on these exchanges. Eventually, some of that hype and money will find its way to Bitcoin.

Cheap.

Feels like a elephant moving.

I never thought if soaring the price of bitcoin was influenced by Facebook because before joining Facebook in cryptocurrency the price of Bitcoin had started to rise and again there were several other outside investors who were very influential on the price of bitcoin not because of Facebook

You make it sound like potential crypto users are choosing between two candidates during the cola wars of the 1990s.
They rather choose the real thing. ;)

No. I personally do not see a correlation here whatsoever, given the fact that the coin that Facebook will launch will have absolutely nothing to do with decentralization, but it's rather more related to their own profits.

There should be a clear distinction drawn between what is corporate use of blockchain for their own profit driven incentives, and actual decentralized cryptocurrencies.

Once you draw that distinction, you'll find that the demand for each of them is completely different, and thus, the value of one is most likely completely untied from the other. BTC is bullish mainly because of the stage of the market cycle we're in right now, not to any external events.

Facebook still give a big contribution for this rise, it's after the announcement of facebook that bitcoin breach $10,000 and this growth at that price is significant enough and it's one of the barometer for some to invest again in the market.

This month alone, bitcoin already increase $3000, and if that same increase would happen next month, price could rise to $15K and not impossible to have a new ATH early this year.

well, I think, the announcement of Facebook released libra, just like the announcement yesterday that bids crypto ads. this makes a considerable effect. I also thought that this had something to do with Libra, and I felt that this would certainly make the price of bitcoin even higher.

$11.3k now, still cheap?

Libra or not, thanks to that bitcoin successfully surpassed $10k.

lol . i dont think that its not facebook who help the price moved because before when facebook have not yet announce thier coin '  bitcoin is already doing a good job  .


its funny how he treat 11k usd cheap but at the same time he also used the word elephant  , lol  . i guess he is only joking   .



stable coin is important to btc and other cryptos because stable coins help you secure the value of your coins  . there is big relation between them  .

Precisely! They may hate Facebook's coin but it's like a free advertisement to bitcoin and altcoins. Now, more and more companies and investment firm and also banks trying to get in. The doubters are becoming the supporters. The release of Libra coin is a  very good timing  because it's very near the halvening and it's like bitcoin hitting two birds with one stone.

Well, I like the idea of becoming negative to positive this is maybe because of the influence of the social mainstream. But then again, a lot of factors that may affect the price surge not only social sites but the function of the services which is definitely slowly understand by some investors.

It was just a coincidence, the price has been growing for some time and it was just a matter of time before the 10k price was broken, many try to find a reason of why the price does what it does and they begin to see all kind of things and patterns that are not there, the price went up simply because bitcoin has being undervalued for a long time and once it began to go up people noticed and this created hype for bitcoin and the rest of the market as well.

People use everything trying to explain the current market, no matter the ups or down. They never want to admit when it's something coming naturally. Let's the FB hype dying and you will see. By the way, in my country, they said no way FB will be able to issue their coin here. No banking licence =no banking activity. Pretty sure a lot of other countries will follow the same path. Especially in EU currently hunting GAFAM with their taxes.

I think everyone already understood that bitcoin didn't went up thanks to facebook at all. I mean I have personally been involved with marketing for a long time and I have tried to make advertisements of some products all over the internet and while google and twitter all allowed crypto advertisements facebook wasn't allowing it because of crypto ban reasons.

Now, you are here telling me a facebook crypto would make things different and allow us to get a bigger price in bitcoin just because they are getting into crypto? There is no way, if facebook didn't even allowed crypto to be advertised then their own personal crypto is just pure hypocrisy at best. Bitcoin was down for very long time and the moment sellers stopped selling at the bottom people started to buy back and rallied up, thats the reason.

I won't deny that maybe fb helps with this rise but even before their announcement, the bull run has already started. Maybe it makes the situation became even better. Eventhough they have their own coin, still other coins or the whole crypto is benefiting from their move joining in. Pretty sure, others view in crypto will change.

But isn't it their coin is not considered crypto per se, more of a stable coin. So I still have my qualms about Bitcoin being the recipient of this Libra coin, I think people are simply just accumulating because they know something big might happen. Just like when the OP started this thread, the price hasn't reached 5 digits, but look at where we are right now.

We are already in the bull market, and any news that will come around will just boost the price. But it doesn't mean it's the only contributory factor as the price of Bitcoin is really recovering this year.

I remember that facebook doesnt involved on the moon last December 2017 but still bitcoin manages to go on that peak. Sure facebook will contribute big in promoting cryptocurrency and it has the power to encourage people to invest in it but i dont think this is the reason why bitcoin's price is soaring high now. Maybe just a part but not all.

I'm not sure this Bitcoin growth has anything to do with Facebook. Price rise started even before Libra coin was announced and if that pushed further pump it's very hard to say. Personally I would say that recent price rise is due to current conditions on the market that are very favourable.

There's no concrete affiliation within, the rally is already happening before fb join the ride, maybe it can help promoting more and attract new investors as fb have a good established business and with them joining crypto it will get more attentions and more interested newbies to follow this market.

Everyone has different opinion, for me it has something to do with facebook, the price was already bullish prior to facebook announcement but this big price increase now that we are thinking a bull run already is not normal and I don't see any big news that would push the price to rise this big.

I am of the opinion that the current growth in Bitcoin prices is reasonable, because before the price of Bitcoin was very cheap the price was under $ 10,000, so many investors started buying Bitcoin in large quantities. And in 2020 Bitcoin will do halving, so many save now.

I really do not think so that the introduction and announcement of Libra has anything to do with the recent rally, if people are excited about a centralized coin why would the rally starts in bitcoin. Main stream financial institutions have stake in bitcoin as they have already invested in the past and the possibility of halving and the expected price rise could attract many huge investors to invest earlier and hence the rally and not because of some centralized coin announcement.

If people are not even having bank accounts how will a centralized coin change those situation, you need infrastructure to make those changes and people who does not bother to have an account or never had the opportunity will not risk their money in any other platform. It is easy to say that it will help the developing countries but how they are going to achieve it is the biggest question  :D.