Bitcoin set record high of $5380

Bitcoin set record high of $5380

It's the first time the cryptocurrency has confidently shot past $5,000.

The Final Word: A murky regulatory environment hasn't slowed down bitcoin.

The digital currency started off the year worth $966 and has increased in value by a massive 750 percent over the past year. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets.

That said, Goldman Sachs is reportedly considering offering bitcoin trading and even China is considering easing restrictions of the cryptocurrency.

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

Bitcoin was soaring Thursday, hitting a new all-time high above the $5,200 mark.

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.

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 has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

"Investors are seeing the lessons of history in the up-and-coming forks and hoping for an extra dividend", said Charles Hayter, co-founder of data analysis website Cryptocompare, adding that rumours on online forums that China could reopen exchanges could also be affecting the price.

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