Yesterday, on June 21 Bitcoin managed to break resistance and head towards a bull run that brought the digital currency asset soaring about $10,000 followed by an increase to $11,000 price ranges on some exchanges for a brief period of time all within one 24 hour trading period.
Following the upside move, the bitcoin price is now trading just 45 percent lower than its all-time high near $20,000, established in December 2017. Furthermore, the cryptocurrency has recovered by 260 percent from its 2018 low of $3,126, including a year-to-date return of more than 200 percent.
The Bitcoin price started climbing higher on Wednesday soon after the Federal Reserve announced its plans to cut interest rates in July.
Cryptocurrency analysts speculate that investors are looking at bitcoin as an alternative hedge, owing to the uncertainty over a trade dispute between the US and China.
A part of bitcoin’s bullish sentiment also came in the form of Libra, better known as the Facebook cryptocurrency. Facebook's token would act as a gateway to the crypto market for its 2 billion users. The head of research added: “Libra will expose 2 billion Facebook users to crypto. Because of its huge network of over 2 billion users, Facebook products cast a wide net. Libra will breed familiarity of cryptos to a much wider audience. Two billion people will now be much more open to Bitcoin and other altcoins.” Let's harvest!!! #thecryptograph
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