Bitcoin shoots above $5,800 to record peak
Bitcoin jumped to a fresh record high on Friday after breezing past the $5,000 mark on Thursday as the cryptocurrency rebounded after tumbling last month on increased scrutiny from regulators.
Bitcoin rose as much as 7.4 per cent to a high of $5,846 in the Asia morning, according to Reuters data, before easing to $5,700. The cryptocurrency was in touching distance of $5,000 at the beginning of September before slipping below $3,000 on regulatory scrutiny from China.
China’s central bank in September declared initial coin offerings illegal and called a halt to fundraising involving virtual coins in early September. Bitcoin slipped lower in mid-September when one of China’s largest exchanges announced plans to halt trading at the end of the month, touching an intraday low of $2,972.01 on September 15.
But things might be looking up for Bitcoin, despite big names such as JPMorgan chief executive Jamie Dimon describing the currency as “a fraud“, as institutional investors are said to be taking an interest.
Source: FT – Bitcoin shoots above $5,800 to record peak
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