Bitcoin crosses $11k USD; time to buy Bitcoins again?

Bitcoin cryptocurrency exceeded the $11,000 limit for the first time in more than 15 months; according to website security specialists, this is mainly due to Facebook announcement of its incursion into the field of virtual assets with the launch of Libra, its own cryptocurrency.

On Monday, the cryptocurrency peaked at $11,307 USD limit per unit, according to figures from Coindesk, a specialized platform that collects information on virtual assets in various markets, although a slight drop is expected at the end of the day.

This is the highest level in the price of Bitcoin since March 2018. However, website security experts say it is important to remember the explosion of the “Bitcoin bubble”. In December 2017 this cryptocurrency reached an all-time high of $19k USD per unit, although a few months later its value went into freefall, reaching up to $3k USD per unit at the beginning of 2019.

At the beginning of March 2019, Bitcoin began to show signs of recovery, largely thanks to the confidence that some relevant companies began to grant to the use of virtual assets and projects related to its development. Although there have been many organizations showing their trust in Bitcoin, the breaking point was the intervention of Facebook and the announcement of the Libra cryptocurrency. “The increase in prices is due to two main factors, one is a consensus between the community and investors, and the launch of Libra”, says Jehan Chu, a virtual asset specialist.

Even with the support of Facebook and other large organizations, the boost to cryptocurrencies continues to raise doubts for large financial centers and central banks, as well as creating uncertainty for some politicians, mention website security specialists from International Institute of Cyber Security (IICS).

This year Bitcoin has increased its value by more than 150% and consequently the value of other cryptocurrencies has also increased; Ethereum, for example, has experienced an increase of about 100% over the past six months.