Daily Management Review

FIdelity, Facebook help Bitcoin hit six-months high


On Monday, the value of Bitcoin updated the sixteen-month maximum, hitting above the level of $ 11 thousand. The volume of open positions in futures contracts for the digital currency updated the historical maximum. Institutional investors are increasing their investment in crypto assets because they see interest in them from companies like Facebook.

QuoteInspector.com via flickr
QuoteInspector.com via flickr
The new week of the Bitcoin rate opened with the update of the six-month high. According to Reuters, the value of digital currency rose to $ 11.37 thousand. This figure hasn’t stayed long, but eventually stabilized just above $ 11 thousand. Even with the correction, the rate of Bitcoin is near maximum since March 6, 2018.

The bull campaign is taking place amid growing demand for virtual assets from institutional investors. According to Reuters, last Friday the number of futures contracts for Bitcoin with execution in June increased to 3.57 thousand units, updating the historical maximum set on May 31.

Last week, the market was supported by reports on Facebook’s plans to launch its own Libra cryptocurrency. The creation of a cryptocurrency and a special crypto wallet will be done by the Calibra social network unit. Product launches are scheduled for 2020. The wallet will be available in Messenger, WhatsApp and as a separate application. According to The Wall Street Journal, payment system operators Visa, MasterCard and PayPal, as well as Uber Technologies and several other large companies supported the new cryptocurrency.

source: reuters.com