Bitcoin Price Soars Above $5000 to Record High

Gladys Abbott
October 13, 2017

The Final Word: A murky regulatory environment hasn't slowed down bitcoin.

It's the first time the cryptocurrency has confidently shot past $5,000.

The value of Bitcoin has jumped 8% on the day as investors gain more confidence in the cryptocurrency market.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226.

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The last time bitcoin hit that mark, traders initiated a minor sell-off that evolved into a major downturn when China began prohibiting initial coin offerings (ICOs) and cryptocurrency trading just days later.

"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites.

Traders also seemed to shrug off negative news from Russian Federation, where that "buyers of cryptocurrencies could be involved in unlawful activities". Bitcoin began the year near $1000 and has been on a tear ever since.

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