While Bitcoin price is consistently going down, Facebook has announced another update for Libra coin. Bitcoin reached the lowest net in 2019 and went down to $8,000.
Lowest point for BTC price in 2019
On Tuesday, the price of leading cryptocurrency Bitcoin price dropped to $8,000. Within 24 hours, Bitcoin had lost $1000 in value, surprising investors with the sudden dip after several weeks of growth. Late adopters would have faced a particular shock, having experienced the volatility only in small doses.
Can Bitcoin price skyrocket after Bakkt launch?
Bakkt is a company founded by Intercontinental Exchange (ICE), the parent company of the NYSE (New York Stock Exchange). Bakkt, with a promising future supported by financial leaders, provides a platform where users can trade an asset referred to as “Bitcoin futures.”
In correlation to adoption, when tech companies make Bitcoin more platform-friendly, it has the possibility to lead to a price increase. Innovative platforms like Bakkt makes Bitcoin seem more reliable, allowing more users to engage with the industry. For example, the top Australian online casino has integrated Bitcoin and cryptocurrencies. Bitcoin is simple demand and supply. When heavyweight companies such as Microsoft and digital casinos use the next step in innovative payments, it could spark a massive increase in demand and price for cryptocurrencies.
Bitcoin market crash could be an advantage for Libra
Facebook which has been working on new crypto token Libra, is hoping to roll out the token soon. Despite the controversy surrounding the social media giant launching a digital currency, Facebook CEO, Mark Zuckerberg, is open about the plans to continue developing the coin. During an interview with Japanese newspaper, Mark said that the team wants to move fast and roll out Facebook coin very soon. As the experts believe, Libra will be available from the start of 2020.
Bitcoin investors have a close eye on Libra as it could be the best target for investment. If Bitcoin continues struggling with this pace, Libra will have a suitable situation in the crypto market to dominate easily.