Major cryptocurrencies reversed losses from the day before on Thursday morning in Asia after the market was weighed down by the Binance hack news. The bullish sentiment sent Bitcoin up to rise past $6,000.
Bitcoin rose 3.14% to $6,080 by 11:36 AM ET (03:36 AM GMT), surpassing the key $6,000 level for the first time this year. The digital coin regain momentum after it was set back a little by the news that major crypto exchange Binance was hacked.
On Tuesday, Binance said hackers withdrew 7,000 Bitcoins worth around $40 million in one affected transaction.
Other digital tokens also traded in the green. Ethereum added 1.16% to $171.78, XRP was up 0.17% to $0.30082, and Litecoin edged up 1.61% to $75.352.
The total market cap rose to $188.7 billion from $183.9 billion the day before.
On May 9, social media giant Facebook (NASDAQ:FB) said it will relax its advertising ban on companies promoting products and services relating to crypto. Facebook imposed last June a policy to require prior written approval to advertise cryptocurrency products and services on its platform.
“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.,” the social media giant said.
But Facebook will continue to prohibit ads promoting contracts for difference (CFDs) and complex financial products as it said they are often associated with predatory behaviour. Ads for initial coin offerings and binary options will also continued to be banned.
The move came after Facebook is said to be launching its own digital asset, which is believed to be a stablecoin pegged to the US dollar.
Last week, Wall Street Journal reported that the social media giant is discussing with financial firms and e-commerce companies such as Visa (NYSE:V) and MasterCard to support its payment service known internally as Project Libra.
The switch in Facebook’s attitutde towards cryptocurrency is a contrast to that of its Chinese counterpart, WeChat. This week, the messaging giant has updated its payments policy that will prevent merchants on the platform from engaging in cryptocurrency-related activities. The policy will take effect on May 31.
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