Bitcoin continues its up trend for the eighth day trading above the $12,000 mark. With this up movement, the world’s first cryptocurrency has recovered most of last year losses.
Demands on the digital currency Bitcoin rose after Facebook announced a potential launch of their own cryptocurrency, Libra, which has also affected the prices of other digital currency with Ethereum rising to $330 and Ripple to $0.4790.
The speculation of Facebook launching its own cryptocurrency has impacted the crypto market and caused prices to surge. Facebook is the most popular social network platform that is trusted by billion of people/subscribers, hence, investors gained more confidence as Facebook showed support to the crypto world by announcing their plans to have one of their own.
Given its popularity, Facebook has been warned by political figures that launching of their cryptocurrency should follow regulations and specifically anti-money laundering. The committee of the US House Financial Services will hold a hearing on Facebook cryptocurrency, Libra, on the 17th July to determine the impact on consumers.