Bitcoin Hits Fresh Record Highs on Rumors of Chinese Ban Reversal

13 October, 2017, 00:50 | Author: Gladys Mathis
  • Central bank tests digital currency transactions

Bitcoin is the biggest and most popular cryptocurrency.

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The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

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

But that was not enough to put investors off, with bitcoin rallying around 10 per cent since then.

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Bitcoin nearly reached US$5000 at the start of September, but fell back sharply after the head of Goldman Sachs blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown. Majority of cryptocurrency transactions occur in the Bitcoin network.

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. "For bitcoin no such fundamentals exist".

Bitcoin surged to a fresh record on Thursday as the enthusiasm for cryptocurrencies showed little signs of abating.

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites.

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