Bitcoin bursts through $5000 for the first time

Bitcoin hits another record high as it climbs above $5 000

Reports have recently emerged stating that trading in the currency could resume but with increased regulation. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

After the beginning of 2017, Bitcoin has had a daily trade volume of more than $100 million.

In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers. The cryptocurrency dropped to a low of $2,980 in mid-September on the news China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath. Majority of cryptocurrency transactions occur in the Bitcoin network.


Bitcoin, a virtual currency created from computer code, was worth only a few United States cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

Bitcoin was trading up 8 per cent on the day around $5200 on Luxembourg-based exchange Bitstamp. But determining its value is hard.

Bitcoin surged to a fresh record on Thursday as the enthusiasm for cryptocurrencies showed little signs of abating.

Two upcoming "forks" in the bitcoin software code, which will create rival clones of the cryptocurrency, were seen by some as a reason for the rise in price, which saw a boost after the "Bitcoin Cash" clone was created at the start of August.

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