Submitted via IRC for Bytram
Bitcoin rises above $10,000 for the first time in a year
Bitcoin's price has soared above $10,000 for the first time since early 2018, a new milestone in the virtual currency's latest comeback.
The price has more than tripled since hitting rock-bottom last December around $3,200. That was after crashing from an all-time high around $19,500 in December 2017.
As always, it's difficult to be sure what drives changes in Bitcoin's price. But one obvious candidate is Facebook's announcement of its own cryptocurrency, called Libra, earlier this week. Libra is a potential Bitcoin competitor, but the announcement also brings added legitimacy to the overall cryptocurrency market.
(Score: 2, Interesting) by Anonymous Coward on Saturday June 22 2019, @01:09PM (2 children)
Bitcoin is rising because the federal reserve indicated they are going to cut the already low (historically) federal funds rate this year when stocks are already at an all time high and inflation and unemployment are supposedly very low. Gold is at 6 yr highs too.
(Score: 0) by Anonymous Coward on Saturday June 22 2019, @04:18PM (1 child)
Interest rates need to be low so I can borrow more money to pay for my bitcoin mining electric bill.
(Score: 0) by Anonymous Coward on Saturday June 22 2019, @04:34PM
Interest rates need to be low because treasury yields are plummeting.