No, It’s Not Facebook: Bitcoin Price Already Up 200% in 2019 Before Libra
William Suberg's original article for cointelegraph.com reduced by 47%
Bitcoin was already trading above $9000 when Facebook formally unveiled its Libra cryptocurrency protocol. Despite many commentators arguing the current bitcoin price spike is due to the social media giant, a glance at data puts bitcoin's momentum far ahead of Libra. The idea Facebook is uniquely fuelling the bitcoin price rise continues to pervade the press, including mainstream media titles.
"Bitcoin has slowly - by its own standards - been rising in recent months but the launch of Facebook's Libra has clearly been a catalyst for the recent surge," Craig Erlam, a senior market analyst at the financial trading firm Oanda, told The Guardian in an article published June 24. Far from lay consumers, it is institutions which appear to be taking center stage in bitcoin interest. 40% price premiums on public fund the Grayscale Bitcoin Investment Trust, along with record trading volume for bitcoin futures, are two recent examples of the phenomenon.
Cointelegraph recently published a dedicated piece summarizing the most likely factors behind bitcoin rise to $11,000 and possibly beyond.
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CN [too long; didn’t read]
Summarised crypto news.