Against all odds, Bitcoin continued to rally on Friday morning in Asia while the crypto market traded in the red.
Bitcoin traded 3.95% higher to $6,311.6 by 11:52 PM ET (03:52 AM GMT) after reaching the key $6,000 level the day before. This is the strongest momentum the digital coin garnered since the beginning this year.
However, other cryptocurrencies traded lower on Friday morning. Ethereum shed 0.17% to $171.18, XRP was down 2.24% to $0.29385, and Litecoin lost 2.48% to $73.415.
But thanks to Bitcoin, the total market cap still managed to rise to $190.4 billion from $188.7 billion the day before.
Facebook (NASDAQ:FB) continued to be in focus among the crypto traders. Bloomberg reported that the social media giant could launch its own cryptocurrency as soon as next quarter.
The newswire cited an anonymous source, saying that in Facebook’s team responsible for the blockchain project, one fifth of the members used to work at PayPal. It further claimed that it signifies Facebook’s ambition to integrate payments into its platform.
According to the report, Facebook is already testing regular payments through a product called WhatsApp Pay.
It has been widely reported that Facebook is developing its own stablecoin that is pegged to the US dollar. The company is said to be in talks with financial firms and e-commerce players such as Visa (NYSE:V) and MasterCard to support its payment service known internally as Project Libra.
Facebook’s attitude towards cryptocurrencies has softened lately. On Thursday, it announced to relax its advertising ban on companies promoting products and services relating to crypto. There is no need for pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
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