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Bitcoin Price Soars Above $5000 to Record High

13 October, 2017, 00:50 | Author: Samuel Sharp
  • Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment

What bitcoin bubble? On Thursday, the popular crypto-currency defied skeptics' predictions and soared to a new all-time, past the $5,000 mark in the early morning and then climbing almost another $400 higher through the day.

Bitcoin's valuation has surpassed $5,000 for the first time on Thursday.

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

Bitcoin is the biggest and most popular cryptocurrency.

Today, however, the bitcoin price continued to swell after piercing the psychologically-important $5,000 barrier and setting a new all-time high. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.


Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

This news comes after the head of JP Morgan called out the cryptocurrency as a "fraud", but after a slight drop in the value of Bitcoin, the valuation of the cryptocurrency has increased by 75% in the last four weeks.

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.

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