Bitcoin passes $11,000 on news of Facebook’s cryptocurrency plan

The price of bitcoin has surged above $11,000 (£8,600), its highest level in 15 months, amid renewed hype over cryptocurrencies after Facebook said it was planning to launch a digital currency next year. Bitcoin has risen in value by almost $2,000 in the week since the US technology firm revealed plans to create a cryptocurrency called Libra, in a move that could radically reshape the financial landscape with far-reaching implications for governments and central banks around the world. The original cryptocurrency had languished below $6,000 for much of this year and was falling out of the headlines as investors around the world gradually lost interest in the fad for digital assets. Some investors had been severely burned by bitcoin when its meteoric rise to almost $20,000 in late 2017 – which drew comparisons to the tulip mania of the 17th century – was followed by a spectacular collapse last year. Stoking fresh fears of the reinflation of the bubble, bitcoin hit $11,116.65 over the weekend, up from $8,539.81 at the start of June, before dropping back slightly to trade at about $10,800 on Monday afternoon. Analysts said the news of Facebook’s work on Libra was the prime driver behind the surge, as traders bet the [...]

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