Investing.com -- Bitcoin regained its footing Thursday, rising above the key $10,000 level after a sudden intraday surge higher.
The surge was mirrored by other crypto currencies and came despite the murky backdrop for cryptos in the wake of recent criticism of Facebook’s plans for its Libra coin.
Bitcoin rose 7.9% to $10,604, after hitting an intraday low of $9,390. The popular crypto had been on the receiving end of major selling pressure in recent days as U.S. lawmakers called on Facebook (NASDAQ:FB) to halt the development of its Libra cryptocurrency on Wednesday, citing privacy concerns.
While there wasn’t a clear reason for the bounce in bitcoin, some crypto watchers suggested that Facebook’s two-day testimony on the Capitol Hill about its Libra plans had not only raised the public profile of bitcoin but also helped differentiate it from its peers. It may also have moved up because Litecoin also moved 10% higher.
“If someone were to tell me seven years ago that the Chairman of the Federal Reserve, the Treasury Secretary, and the President were all going to talk about bitcoin publicly within seven days, I would have been extremely excited,” said Dan Held, co-founder and director of BD for Interchange
o-Founder/Director of BD for Interchange
Bitcoin’s market cap, often used a gauge of demand, rose to 14% to $188 billion from a day earlier, pointing to renewed buying appetite.
Other cryptos also trended lower, with XRP rising 0.82% to $0.3207, Ethereum up 2.89% to $222.32 along with Litecoin's gain.