Ripple News

Bitcoin Passes $9,000; Facebook to Reveal its Crypto Plan

© Reuters. – Prices of the major cryptocurrencies were mixed on Monday in Asia, but Bitcoin continued to gain steam to rise past $9,000 over the weekend.

Bitcoin rose 1.13% to $9,154.5 by 01:17 AM ET (05:17 GMT). The coin continued to rally on Monday after surpassing $9,000 for the first time this year.

Ethereum dropped 1.58% to $267.04, XRP rose 2.38% to $0.42847, and Litecoin was down 0.65% to $134.96.

The total market cap rose to $262.2 billion from $261.1 billion the day before.

Social media giant Facebook (NASDAQ:FB) will reveal its Geneva-based Libra Association that operates its cryptocurrency Libra tomorrow. It will also launch the testnet of its blockchain.

The digital coin will be built on the Libra Blockchain a “secure, stable, and reliable blockchain” and backed by Libra Reserve, “a reserve of real assets” that will provide the cryptocurrency with “stability, low inflation, global acceptance, and fungibility.”

Facebook users will be able to send the digital coin Libra to one another and use it to make purchases. The project has got support from Visa (NYSE:V), Mastercard (NYSE:MA) and PayPal. The release of Libra represents Facebook’s boldest foray into financial services.

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