Bitcoin reaches new high as it approaches $5300

Javier Stokes
October 13, 2017

Bitcoin is the biggest and most popular cryptocurrency.

Bitcoin's October rally continued today, enabling the flagship cryptocurrency to finally burst through the $5,000 checkpoint for the first time since briefly touching that mark on September 2. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226.

Upcoming splits in its software, reports that Goldman Sachs is considering offering bitcoin trading, rumours that China could ease restrictions, and even a political crisis in Spain's Catalonia region were all cited by market-watchers as reasons for the rally.

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Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

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

As we previously reported, the growth can be linked to several factors ranging from political concerns to a recent split into two currencies - the first being Bitcoin classic and Bitcoin cash.

The bitcoin price went meteoric on Thursday, surging past $5,400 to shatter the all-time high it set at the beginning of September. The prices of other digital assets also rose. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites.

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