Bear Trap? Bitcoin Sweeps Lows to $6,450, Rebounds to $6,950 Two Hours Later

what made bitcoin surge

At least three important news items in the cryptocurrency space may have contributed to Bitcoin's recent gains: Facebook FB is planning to announce its own stablecoin this week, while major international cryptocurrency Binance Coin BNB revealed that it would ban U. Besides Bitcoin's major gains, the biggest news in the broader cryptocurrency world in recent weeks has likely centered around Facebook. The social media titan is expected to reveal details about its own stablecoin this week, with a launch to come in As the largest social media company to join the cryptocurrency craze, Facebook has the potential to engage an enormous user base all around the world with its coin, which some sources say will be called GlobalCoin.

The project is backed by more than a dozen leading companies across multiple industries. Per CoinDesk, Blockchain Capital General Partner Spencer Bogart suggests that Facebook's move is a "bullish catalyst" for Bitcoin because it "eases the biggest friction in acquiring digital assets. Binance's decision to bar U. When the rival crypto changed its terms of use on June 14, the reaction was an immediate sell-off of Binance Coin.

Many of those investors may have turned to Bitcoin instead. This is another piece of big news for the cryptocurrency space, particularly after the Chicago Board Options Exchange CBOE revealed it would not renew its bitcoin futures offerings going forward. Bitcoin's performance so far in has been exceptional, and it has certainly rekindled investor interest in the leading cryptocurrency by market cap.

However, it's important to keep in mind that, even at its recent highs, Bitcoin has only approached half of its highest historical value, achieved at the end of and into the beginning of Bullish cryptocurrency enthusiasts continue to expect big gains from the coin, but there is still a huge amount of ground to cover to reach that threshold. Almost two years after the cryptocurrency bubble reached its zenith, investors expect that even the biggest digital coins will be highly volatile.

There's no guarantee that Bitcoin's impressive gains will continue into the future. However, if Facebook is able to ignite global interest in the digital currency space among a new crop of billions of potential investors, this could spell continued success for Bitcoin and other digital currencies as well. Your Money. Personal Finance. Your Practice. Popular Courses. Login Newsletters. Binance Coin, the largest crypto by trading volume, barred U. Source: CoinDesk, Coin Telegraph. Compare Investment Accounts.

The offers that appear in this table are from partnerships from which Investopedia receives compensation. Related Articles. Bitcoin Top 5 Bitcoin Investors. Partner Links. Related Terms Bitcoin Definition Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments.

It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Blockchain Explained A guide to help you understand what blockchain is and how it can be used by industries. Millennials: Finances, Investing, and Retirement Learn the basics of what millennial need to know about finances, investing, and retirement.

Trade Hill Exchange A defunct bitcoin currency exchange launched in June of Darknet Market Darknet markets, or cryptomarkets, are sites on the dark web offering goods that can be purchased anonymously. Illicit goods such as drugs, stolen information, and weapons are common items in these markets. Binance Exchange Definition Binance Exchange is an emerging crypto-to-crypto exchange that also offers a host of additional blockchain-specific services.

what made bitcoin surge

Get the Latest from CoinDesk

If you cut the information inside computers into smaller pieces, you will find 1s and 0s. These are called bits. You already know about coins. Bitcoins are just the plural of Bitcoin. They are coins stored in computers. They are not physical and only exist in the digital world!

what made bitcoin surge

News feed continued

US Politics. Already registered? Matthew Norman. Google Firefox. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Just Eat. But why? Please try again, bihcoin name must be unique Biycoin letters and numbers accepted. Besides Bitcoin's major gains, what made bitcoin surge biggest news in the broader cryptocurrency world in recent weeks has likely centered around Facebook. US sports. John Rentoul. Cancel Delete comment. Subscribe Now Subscribe Now. Start your Independent Premium subscription today. Tech culture. Voucher Codes. National Trust.

PREV: whats up with bitcoin cash

NEXT: bitcoin vs stock trading