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Bitcoin climbs above $9,000 for first time in over a year amid Facebook crypto talk

Ryan Browne
Bitcoin plunged Tuesday to below $10,000, cratering from a 17-month high hit just four sessions ago.

Bitcoin leapt across the $9,000 mark on Sunday, boosted by reports that Facebook is soon set to launch its own cryptocurrency.

The world's largest digital coin traveled as high as $9,381.82 in the last 24 hours, according to CoinDesk's bitcoin price index. The last time bitcoin hit a level as high as $9,000 was May 2018. Bitcoin is up 140% since the start of the year.

The more than one year high comes amid news that Facebook is reportedly set to launch its own crypto token as early as Tuesday. Several news outlets have leaked details of the venture, with one saying it will let Facebook employees take their salary in the form of the new currency.

Experts say the involvement of large companies like Facebook and AT&T in the crypto space are helping to lift sentiment, as it gives a degree of legitimacy to an industry long plagued by talk of illegal activity, speculative trading and regulatory scrutiny. AT&T said last month it would start accepting crypto payments through a partnership with BitPay.

Analysts at RBC Capital Markets said last week they believe Facebook's virtual currency "may prove to be one of the most important initiatives in the history of the company," giving it a chance to bring in more engagement and revenue.