What just happened? We know that Bitcoin had been in steady decline following its peak of almost $20,000 in December 2017, but the world’s largest crypto has seen a resurgence in recent times. Now, it’s passed the $9,000 mark for the first time in 13 months, and it’s partly thanks to Facebook.
One year after the crypto craze hit its highest level, which saw the price of graphics cards rise and their availability decline as people looked to build mining rigs, Bitcoin fell to a low of $3,200 in December 2018. The slump affected individuals and companies alike, including Nvidia, whose share price plummeted in the wake of the crash.
But after several months of remaining below $4,000, Bitcoin jumped above $5,000 in April, though nobody could explain why. Since then it has slowly climbed in value, rising 22 percent over the last 30 days to exceed $9,000—a level it hasn’t seen since May 2018.
It appears Bitcoin’s recent revival is due to renewed optimism in cryptocurrencies, helped in no small part by Facebook’s upcoming crypto launch. The social network’s stablecoin, which is being supported by the likes of Visa, Mastercard, PayPal, and Uber, will allow users to make online purchases. It will operate within Facebook’s messaging infrastructure, which covers WhatsApp, Instagram, and Facebook Messenger.
Bitcoin isn’t the only crypto to have seen gains over the last seven days. Ethereum, Bitcoin Cash, and Litecoin all increased over the last week, too. Let’s hope this doesn’t result in mining becoming popular again and video card prices spiking.