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Bitcoin Climbs 18 Month High Level After Facebook's Libra Spurs Demand


The leading cryptocurrency Bitcoin in the backdrop of Facebook's Libra digital currency is making new highs. And on Wednesday, the currency hit past $13000 levels, its highest in 18-months.

Bitcoin Climbs 18 Month High Level After Facebook's Libra Spurs Demand

The reasons for the currency's gaining ground are the appeal of the currency that is strengthening amid geo-political tensions and also its likelihood to gain mainstream interest. In December 2017, the token hit a high of $20,000. Since the beginning of this year, the cryptotoken has surged in value by over 260%.

Facebook's Libra is said to launch its own cryptocurrency by end of June 2020.

The surge in the bitcoin is also fuelled owing to global central bank's move at fuelling the economy by keeping interest rate low. And as a result for better gains, investors are flocking to alternative investments that could be both a safe haven and at the same time provide for substantial returns.

Story first published: Thursday, June 27, 2019, 12:12 [IST]
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