Bitcoin Just Hit A Fresh 2019 High--Here's Why

Bitcoin, back in the limelight after social media giant Facebook this week announced it's creating its own cryptocurrency and payments network, has hit a fresh year-to-date high and is edging closer to the psychological $10,000 per bitcoin mark.

The bitcoin price recorded a high of $9,600 per bitcoin on the Luxembourg-based Bitstamp exchange, up almost 5% over the last 24 hour trading period and a staggering 160% since the beginning of 2019.

The latest bitcoin rally has been put down to a number of different factors, with surging media and mainstream interest in bitcoin as a result of Facebook's Libra cryptocurrency announcement the most recent.

Google Trends data shows searches for bitcoin hit 12-month highs earlier in May as speculation around Facebook's plans for a potential bitcoin rival reached fever-pitch.

Meanwhile, closely-watched plans for institutional bitcoin and crypto adoption from the likes of the New York Stock Exchange-owner backed bitcoin and cryptocurrency platform Bakkt, and Fidelity Investments, one of the largest asset managers in the world, poised to begin trading bitcoin have eased trader and investor fears bitcoin could be on the way out after a dire 2018.

Elsewhere, it's been suggested the bitcoin price could have been boosted by the U.S. Federal Reserve hinting it could cut interest rates as soon as next month to spur growth. The U.K.'s Bank of England today announced it would hold interest rates at 0.75% as many of the world's central banks take increasingly dovish stances.

Bitcoin and cryptocurrency bulls are also getting excited about two major upcoming halvening events, where the number of new cryptocurrency tokens created by so-called miners is cut by half.

Bitcoin rival litecoin is scheduled for a halvening event in August, while bitcoin is set for one in May next year and could be heading for a "supply shock" as a result.