Comparisons: Tulip Mania and Investors

comparisons: The original cryptocurrency had languished below 6,000 for much of this year and was falling out of the headlines as investors around the world gradually lost interest in the fad for digital assets, according to The Guardian. Some investors had been severely burned by bitcoin when its meteoric rise to almost 20,000 in late 2017 which drew comparisons to the tulip mania of the 17th century was followed by a spectacular collapse last year. Bitcoin has risen in value by almost 2,000 in the week since the US technology firm revealed plans to create a cryptocurrency called Libra, in a move that could radically reshape the financial landscape with far-reaching implications for governments and central banks around the world. Stoking fresh fears of the reinflation of the bubble, bitcoin hit 11,116.65 over the weekend, up from 8,539.81 at the start of June, before dropping back slightly to trade at about 10,800 on Monday afternoon. Craig Erlam, a senior market analyst at the financial trading firm Oanda, said Bitcoin has slowly by its own standards been rising in recent months but the launch of Facebook's Libra has clearly been a catalyst for the recent surge. Analysts said the news of Facebook's work on Libra was the prime driver behind the surge, as traders bet the adoption of cryptocurrency technology by a major global corporation would help legitimise the industry. (news.financializer.com). As reported in the news.