Bitcoin is approaching its highest level in more than a year after soaring above the $11,000 level this weekend.
" Monday. "If 2 billion users are on Facebook, some percentage of them start to kind of look at Libra and try to understand how it is different and similar to bitcoin — that is a positive."
Circle CEO Jeremy Allaire said Facebook's involvement brought more brand recognition to blockchain —the technology that underlies bitcoin — and its potential from both retail and institutional buyers. While Facebook and other corporate giants entering the space may have attributed to an initial bump, Smith said the majority of the rise was due to technical levels being broken. Once the "psychological barrier" of $10,000 was broken, bitcoin "shot up," he said.
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