Bitcoin eyes $10,000 in vertical 2019 upmove; crypto bull says on track for $40,000

Bitcoin

Bitcoin is closing in on the psychological $10,000 mark, capping a strong upmove that has seen the cryptocurrency surge about 150 percent this year, and creating a 13-month high.

As per Coindesk’s real-time data, Bitcoin touched $9,778.26 at 10:14 am IST.

The volatile digital currency is about halfway through to its all-time high, which it reached in December 2017 when it took out $20,000. Since then, it fell to a low of about $3,000 in December 2018, after which it bottomed out.

The renewed interest in Bitcoin may have been influenced by Facebook announcing its cryptocurrency Libra.

Facebook has managed to get $10 million each from notable companies like Uber, Paypal, Mastercard and Visa. The market-leaders have come together to form a consortium that will oversee the Libra project. Facebook plans to raise around $1 billion for its cryptocurrency project.

Bitcoin bull Tom Lee earlier told CNBC’s “Futures Now” that the cryptocurrency was silently moving “deep into a bull market”. He predicted that Bitcoin would break its previous all-time-high and reach a much higher point in 2019. Bitcoin has the potential to reach $40,000, the Fundstrat Global Advisors’ research chief said.

“The Facebook announcement is a complete validation that mainstream is now focused on cryptocurrencies,” CNBC quoted Lee as saying. “I think it really destroys those arguments that say, ‘I believe in blockchain, not bitcoin.’”

Source: Coindesk

Leading crypto-trading platform Binance has recently claimed that Facebook’s Libra would have a significant impact on global economies. However, crypto-enthusiasts in India are still in an indecisive state as the government’s stance on cryptocurrencies has always been strict.

Now, the draft of Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 is reportedly going to propose to make buying and selling cryptos a non-bailable offence. It suggests 10-year jail for the same.