With reports that Facebook is launching its own cryptocurrency, Bitcoin climbed past the $9,000 mark for the first time in nearly a year. The digital coin traded above $9,300 for a brief period on Sunday, according to a digital currency price index released by CoinDesk.com. Bitcoin is the world’s largest digital currency. Bitcoin last reached the $9,000 mark in May of 2018.
Monday morning trading saw the digital coin dip 1.5 percent to $9,100. It has been widely reported that Facebook will launch its own digital currency, and reports suggest the social media company will launch the coin this week. News reports indicate that Facebook employees can choose to take their salaries in the currency.
After taking a huge nosedive over the past year, Bitcoin has made an incredible rebound this year. In 2018, the currency fell by as much as 70 percent. Other digital currencies fell even further. However, Bitcoin has regained as much as 25 percent of its value half way through 2019.
According to ccn.com, Bitcoin analysts point to well-known companies like AT&T and Facebook getting involved in the digital currency market as the reason for the spike in value. With big name companies starting their own digital currency campaigns, it gives the overall market legitimacy. Bitcoin and similar currencies have long struggled with accusations of illegal activity and deceptive trading practices. Last month, in partnership with BitPay, AT&T announced it will accept Bitcoin as a form of payment.
Last week, some analysts who follow the digital currency market said Facebook’s involvement is one of the biggest moves the company has made in its brief history. Facebook hopes to engage its customers more and wants to use the currency as a way to increase its revenue. According to RBC Capital Markets, Facebook will release a whitepaper soon detailing its digital currency initiative.
