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Crypto Facebook

Buoyed by Facebook Announcement, Bitcoin Approaches $10,000

Bitcoin rose almost 10% this week as it benefitted from Facebook’s announcement that the company was launching a cryptocurrency backed by some of the world’s largest corporations. On Friday, bitcoin was trading around $9,900, or about half of its all-time high in December 2017.

Bitcoin’s price had been steadily rising for weeks, but picked up steam in the days leading up to Facebook’s announcement, as details of the plans leaked. People in the cryptocurrency industry have said that Facebook’s plans validate the technology’s usefulness and could introduce digital currency to the social media company’s billions of users.

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