Bitcoin Breaks $11,000 Resistance Level

• Bitcoin Breaks $11,000 Resistance Level

Boosted by the release of Facebook’s Libra white paper, the most dominant cryptocurrency, Bitcoin, sustained its bullish run on Monday.

Bitcoin rose above $11,000 price mark for the first time in 15 months on Sunday before pulling back slightly to $10,970 a coin on Monday afternoon.

Experts attributed the surge in Bitcoin price to Facebook’s plan to launch a global cryptocurrency next year.

Facebook and Libra Association had announced last week they are working on a stable cryptocurrency called Libra. This announcement bolstered Bitcoin and the entire cryptocurrency market as investors believe the move will take Bitcoin mainstream.

“It’s clearly a positive for bitcoin, ” Bart Smith, head of Susquehanna’s digital asset group, told CNBC’s “Squawk Box ” on Monday. “If 2 billion users are on Facebook, some percentage of them start to kind of look at Libra and try to understand how it is different and similar to bitcoin — that is a positive.”

While Bitcoin investors are projecting a further increase to $20,000 a coin, it is highly unlikely in the near-time given the current push back from the U.S parliament.

However, Libra has helped draw attention to cryptocurrency space as a whole, considering the fact that Facebook has 2.8 billion users across key social media platforms.

“There’s a broader understanding of crypto as an asset class,” Allaire told “Squawk Box” on Monday. “Anticipation that next generation of blockchains, including what we heard about last week with Libra Association, really indicates what is ultimately going to be a massive mainstream phenomenon touching billions of people.”