The day before, Bitcoin and Ethereum, along with XRP and Litecoin started to surge along with other important digital assets out there.
During the past couple of days, about $18 billion have been added to the crypto market.
At the moment of writing this article, the total market cap is above $208 billion. Bitcoin is trading in the green, and the king crypto is priced at $7,220.64. ETH is also trading in the green, and the coin is up by 5.96% since yesterday, being priced at $184.31.
The Bitcoin price rallied back above $7,200, and this is really close to levels that it had not seen since the coronavirus hit the crypto and traditional markets really badly back in March.
The trigger that pushed crypto market’s cap is Facebook
Forbes notes that this rally has been triggered by the fact that Facebook revealed that the crypto project Libra will be moving forward but with a pared-down version in order to try and comply with regulators’ rules.
Libra is now broken up to support more coins that are backed by individual currencies and the blockchain will be more centralized than expected. Companies will have to comply with regulations or face removal.
Facebook’s project is good for Bitcoin
The crypto community reacted to the news, that was announced by the Libra Association.
“This is good for bitcoin,” according to Mati Greenspan, the founder of financial advisory firm Quantum Economics.
In a note to clients, Greenspan said, “Facebook’s new watered-down version of libra is an admission that even they are not able to replicate the immaculate conception of bitcoin and that their blockchain will no longer be a serious competitor to any existing crypto-asset. It will however be a serious contender to Paypal, Venmo, and Square.”
He also made sure to highlight that the only downside to all this is that the system is less open.
