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Bitcoin bursts through $5000 for the first time
12 October 2017, 08:37 | Joann Bryant
Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment
Bitcoin has raised in value by more than 75 per cent in the last four weeks.
The price of bitcoin has smashed through $5,000 to an all-time high. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of consumers piling into the bitcoin market could prompt wider financial problems. Eastern, according to CoinMarketCap, having gained almost 9% in the preceding 24 hours.
Another major difference is that bitcoin's creation, value and integrity come from complicated, mathematical wizardry, known as "blockchain" technology, which regulates the creation of new units and essentially ensures the security of every transaction involving the digital currency.
Reports have recently emerged stating that trading in the currency could resume but with increased regulation. Goldman CEO Llloyd Blankfein added to the hype, tweeting that "folks were also skeptical when paper money displaced gold".
It has been a volatile journey, with the cryptocurrency sliding down to under $3,000 last month when Chinese authorities announced a ban on trading the currency.
None of the Wall Street giants now have a bitcoin trading desk, though Fidelity operates a project through its research and development arm, as CoinDesk reported. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost. A big bank, even one with a bit of a reputation for catering to ultrahigh-net-worth investors who like to roll the dice, could help the price stabilize.
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