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Bitcoin tests resistance at US$8K following weekend rally

Meanwhile, Facebook is jumping into blockchain by establishing a Swiss financial technology company

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Since the crypto crossed the US$5,000 threshold on April 5, the Dow has fallen about 650 points

Bitcoin USD (CCC:BTC-USD) rallied on Sunday as the cryptocurrency took another swing at the US$8,000 plateau.

Its value climbed as high as US$8,264 overnight before dropping back Mornday morning. The Sunday recovery followed a selloff Friday below the US$7,000 level that briefly undermined cryptocurrency bulls.

Investors have turned to Bitcoin and other cryptos as stocks have been volatile as the US-China trade war continues to escalate. Since the crypto crossed the US$5,000 threshold on April 5, the first time in five months, the Dow has fallen about 650 points. 

After its weekend jump, Bitcoin dropped nearly 4% Monday to US$7,870.34.

READ: Bitcoin surge continues as retailers move to accept cryptos, investors seek out safe haven

Meanwhile, Facebook Inc (NASDAQ:FB) is jumping into blockchain. The social media giant has created a financial technology company in Switzerland called Libra Network, Reuters reported Friday.

The company, registered in Geneva on May 2, focus on “investing, payments, financing, identity management, analytics, big data, blockchain and other technologies.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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