Experts say Facebook's cryptocurrency project Libra has been a catalyst for the price of bitcoin going higher.
The digital coin hit an intraday high of $11,307.69 around 5.30 a.m. HK/SIN time on Monday, according to Coindesk's Bitcoin Price Index, which takes into account the price of the cryptocurrency across various exchanges. That's the highest level since March 5, 2018. Bitcoin had pared some of those gains and was trading at around $10,624.10 at 10.05 a.m. HK/SIN time.
Investors appear to be shrugging off some of the memories from the burst of the bitcoin bubble after it hit a record high of. The price of the cryptocurrency came crashing down over the course of 2018 and into the start of 2019 where it fell to the low-to-mid $3,000 mark. But since late February, bitcoin has been marching higher again, as major companies began to announce cryptocurrency-related projects.
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