Bitcoin regained more than half of historic increase, breaking $10,000 for the first time since March 2018 as federal reserve rate cuts expected next month and plans of facebook to lunch anew Cryptocurrency.
In December 2017, Bitcoin reached an all-time high of $19,511, surging 1,400% that year, only to be followed by a 74% collapse in 2018.
According to CNN, the expected increase in a Fed rate cut in July has helped push the US dollar lower, which was viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies. The resort to alternaticve currencies happen when central banks take actions that reduce the value of government-backed currencies.
Earlier this week, both Fed Chairman Jerome Powell and Bank of England Governor Mark Carney indicated that central banks should look at bitcoin and other crytpocurencies with an open mind.
Furthermore, Facebook is preparing to launch its digital currency, Libra, which has been viewed as something that can bring cryptocurrencies out of the shadows and to a more mainstream audience.
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