Bitcoin soars above US$11,000 for first time in 16 months

A 3D-printed Facebook logo on representations of the Bitcoin virtual currency. Facebook announced last week it planned to launch Libra next year, which is backed by a host of companies including Visa and PayPal.
A 3D-printed Facebook logo on representations of the Bitcoin virtual currency. Facebook announced last week it planned to launch Libra next year, which is backed by a host of companies including Visa and PayPal.PHOTO: REUTERS

Cryptocurrency's lift follows Facebook's announcement of planned launch of Libra

Bitcoin surged above US$11,000 (S$14,900) for the first time in 16 months as investors piled in on expectations that Facebook will take its digital currency, Libra, to mainstream users.

The world's largest cryptocurrency has been quietly recovering in recent months following the bursting of the bitcoin bubble after it hit a record high of over US$19,000 in December 2017, only to be followed by a 74 per cent collapse last year.

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A version of this article appeared in the print edition of The Straits Times on June 25, 2019, with the headline 'Bitcoin soars above US$11,000 for first time in 16 months'. Print Edition | Subscribe