Bitcoin continues its rally ahead of expected Facebook crypto offering this week
The price of bitcoin crossed the $9,000 threshold Sunday for the first time in more than a year.
Bitcoin BTCUSD, +3.85% peaked around $9,385 in intraday trading, according to Coindesk. The cryptocurrency slipped in the afternoon, and was last around the $9,100 level.
The digital currency is up more than 22% over the past 30 days, and up 142% year to date. Sunday’s intraday prices were the highest for bitcoin since May 2018, though still well off its all-time high above $19,000 in late 2017.
Investors have been bullish on bitcoin recently, with optimism stoked by the expected announcement this week that Facebook Inc. FB, +2.18% will launch a new cryptocurrency, backed by a number of major companies, including Visa Inc. V, +0.18% , PayPal Holdings Inc. PYPL, +0.39% and Uber Technologies Inc. UBER, -2.44% . The new coin, reportedly to be called Libra, would allow users to make purchases around the internet, not just Facebook.
Bitcoin’s rise has boosted the wider crypto market, with rival digital currencies such as ethereum ETHUSD, +2.09% , bitcoin cash BCHUSD, +2.76% and litecoin LTCUSD, +0.44% also posting significant gains over the past week.