The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin overleaps $5,500
On Friday, key digital coins gained momentum in Asia, with Bitcoin rallying above the major mark $5,500. Facebook is reportedly looking for partners for its scheduled cryptocurrency payment service.
Eventually, Bitcoin headed north by up to 6.08% coming up with a reading of $5,581.5, hitting a one-week maximum. The digital token rebounded to the $5,500 mark having lost its grip on it on April 24.
In addition to this, Ethereum surged by 3.32% being worth $160.38, while XRP managed to tack on by up to 0.18% concluding the trading session at $0.30446. Besides this, Litecoinrose surged by nearly 7.23% reaching $74.698.
The overall market capitalization went up further to $179.6 billion from yesterday’s reading of $175 million.
The biggest news in the cryptocurrency community today had to do with Facebook as well as its cryptocurrency payment service, which is under development.
The Wall Street Journal informed that the social media giant is negotiation with financial as well as e-commerce businesses, including MasterCard and Visa to back the payment service Project Libra.
The project suggests launching a digital token, which would be backed by blockchain technology and also pegged to the evergreen buck. An upbeat way to promote its adoption is that Facebook users are able to acquire fractions of the token by simply viewing ads. Moreover, users of Facebook’s messaging application WhatsApp can also utilize this crypto token to transfer funds to one another.
Moreover, an independent nonprofit institute, the Information Technology & Innovation Foundation came up with suggestions on how to regulate blockchain technology that attracted some attention among cryptocurrency traders.
By the way, ITIF urged the policymakers to uphold such principles as technology neutrality as well as public-sector adoption.
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