There have been two stories the past week which reflected how heavy bitcoin has influenced modern life today. That, namely, is the launch of the Libra project and the volatile mood of the bitcoin market.
While it may be seen far from the other, Coin Desk reported that they both have something in common. Both have taken the world by storm and put the real-world currency on notice.
The analysis is that bitcoin has taken on the role of 'digital gold.' While Facebook's Libra aims to become the primary rival of bitcoin, analysts have also said it could become 'extremely supportive' of bitcoin as well.
Libra, however, needs to stand the test of time, like all things Facebook. But its rise has given light to the movement toward digital currency, analysts suggest.
The digital currency has gotten wider use in the past year. There have been reports here and there of properties becoming 'tokenized' or being invested in piecemeal. There are also properties that have been put up for sale with this digital tokens-bitcoin-as the main currency. Properties have also become assets in which people can store their hard-earned bitcoin.
However, bitcoin's prices have fallen since the boost from Facebook's Libra has waned. Last week was a record week for bitcoin value, which was still trading at nearly $14,000. Now, it has fallen below by 30%, The Guardian reported. True to its volatile nature the cryptocurrency has been trading at just $9,717; still high by most standards, but not as high as the 10,000 value it commanded prior.
The week before, bitcoin values were on a 'wild ride' as they shot up to $13,879 on Wednesday, managing to break through the $12,000 and $13,000 mark in just two hours. Prior to that week, bitcoin was languishing below the $6,000 mark, a modest value for the cryptocurrency. It was further boosted when Facebook came out to announce its own cryptocurrency, Libra.
Other digital currencies have since fallen to modest runs. There were reports that bitcoin values further downgraded due to an investor placing a large short order Sunday, which spurred other investors to sell their stash. The said investor expected the price to go down this week.
Bitcoin and Facebook Libra's fate hangs in the balance as the world watches the US and China's trade dispute, along with a number of other factors. Barring any serious developments, however, bitcoin-with or without Libra-may soon find itself the darling of the media once again, as it's still poised to recreate the 2017 run.
