Published: Thu, October 12, 2017
Money | By Armando Alvarado

Bitcoin smashes $5000 ceiling to hit another all-time high

Bitcoin smashes $5000 ceiling to hit another all-time high

The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty.

According to Coinmarketcap, $2 billion worth of Bitcoins were transacted in the last 24 hours.

This morning Bitcoin shot past $5,000, and is now hovering around $5,300 - up almost 10% from yesterday. As Bloomberg noted on Twitter, the cryptocurrency's price was at an all-time-high Thursday morning.

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But those warnings aren't having a lasting effect on the value of the cryptocurrency.

Bitcoin tumbled below $4 000 last month after China's central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for startups.

Neil Wilson, senior market analyst at ETX Capital, said investors in bitcoin are also buoyed by news that USA banking giant Goldman Sachs plans to trade the cryptocurrency. As recently as December, bitcoin was trading at less than $1 000 dollars. A spokeswoman for the investment bank confirmed that there was client interest in the project, but reiterated that the initiative was still in its early stages. Despite this, Goldman Sachs is open to the Bitcoin currency and is exploring a bitcoin trading operation. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost. Meanwhile, Citi's CFO said his bank is taking an "intense" look at cryptocurrencies and blockchain. One explanation for why bitcoin is so volatile is that not enough people are trading it to keep prices stable.

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