Bitcoin (BTC) performed strongly on Monday, as it spent almost the entire session trading above the $9,000 mark. The digital coin enjoyed strong positive action, especially in the afternoon, when its price surged to its highest levels in over a year. BTC’s rally peaked during the final hours of the session, when the coin hit $9,416.41, its highest price level since May 08, 2018. This was followed by a swift correction and a close of $9,320.35, which was still well above the coin’s opening price of $8,988.92.
Bitcoin declined further during the early hours of today’s trading, with its price falling to as low as $9,099.66. The coin has managed to recover some of the losses in more recent trading and is currently hovering around the $9,190 mark, according to data from digital currency tracker Coinmarketcap.
Bullish catalysts
Industry website Coindesk recently published an article, pointing to three factors that likely helped Bitcoin to break through the $9,000 barrier. According to the website, the first one is the upcoming reveal of Facebook’s secretive crypto project, which is expected to happen this week. Facebook is said to be working on its own stablecoin.
While Facebook’s move into crypto does not appear to be linked to Bitcoin directly, many observers still view it as a very positive development for the industry. Spencer Bogart, general partner at Blockchain Capital, believes that the expected launch of a Facebook stablecoin is a “bullish catalyst” for Bitcoin. Bogart argues that such a stablecoin potentially eases the friction in acquiring digital assets and can also prompt big financial institutions and payment providers to finally abandon their “wait and see” approach and start building infrastructure to support digital assets.
According to Coindesk, Binance’s decision to bar US citizens from using its crypto trading platforms and the upcoming halving of Litecoin mining rewards may have also contributed to Bitcoin’s recent rally.
In today’s trading, the Bitcoin price stood at $9,191.95, as of 10:03 BST. The digital currency has gained 0.25% in the past 24 hours. Its total market capitalisation currently stands at $163.3 billion, which represents 57.1% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen / Shutterstock.com
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