Bitcoin prices skyrocket thanks to Facebook

[putra goromo]

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.

[boyptc]

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.

[avikz]

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.

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!

[NeuroticFish]

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.

[jseverson]

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 just because Facebook launched it.

[Kakmakr]

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. 

[XCANA]

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 just because Facebook launched it.

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.

[Dontme]

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.

[Schirer]

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

[Broly46]

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.

[arpon11]

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 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!

[Herbert2020]

going up 2-3% is not called "skyrocket" in any market specially bitcoin market that 10% rises are still considered small rise
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.

[stfN2128]

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

[dothebeats]

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.

[Broly46]

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.

It's most definitely not a fork, it is its own chain full of its own shit with no past transaction history.

Also to OP, the price was already in this range Facebook's Libra had nothing to do with it.

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.

[D3m1r4wanti]

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

[klaaas]

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.

[Ris88]

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 !!

[agatha90]

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.

[jakelyson]

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.

Some investors say the social networking plan is encouraging people to buy 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.