Bitcoin bursts through $5000 for the first time

Bitcoin bursts through $5000 for the first time

Bitcoin bursts through $5000 for the first time

The world's largest cryptocurrency rose as much as 7.4% and was trading 5.8% higher at $5 105 as of 9:59am in London, resuming gains after a one-day break.

Bitcoin has raised in value by more than 75 per cent in the last four weeks. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown.

This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost.

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Bitcoin, the biggest and best-known cryptocurrency, has chalked up a more than fivefold increase in price this year. As recently as December, bitcoin was trading at less than $1 000 dollars.

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. The decline was fueled by a comment from JPMorgan & Chase CEO Jamie Dimon who called bitcoin a fraud good for drug dealers and murderers.

One of the key benefits of using this cryptocurrency is that it essentially allows users bypass government and banking regulations and nearly remain anonymous.

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According to data from SEMrush, a search engine data analytics company found the price had a 91% correlation with Google searches surrounding bitcoin, suggesting news surrounding the cryptocurrency increases the valuation of Bitcoin.

"It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money", he wrote in the Guardian this week.

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