Bitcoin soars to record high above $5 000 - TechCentral

Bitcoin soars to record high above $5 000

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

The world’s largest cryptocurrency rose as much as 7.4% and was trading 5.8% higher at $5 105 as of 9.59am in London, resuming gains after a one-day break. As recently as December, bitcoin was trading at less than $1 000.

Bitcoin tumbled below $4 000 last month after China’s central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for start-ups.

Recent reports that the Chinese government will ease regulations and that Goldman Sachs Group is exploring how it could help its clients trade cryptocurrencies are now helping sentiment.

“It’s a very speculative market,” Jon Moulton, a UK-based private equity veteran who owns bitcoins, said in an interview with Bloomberg TV’s Francine Lacqua. “It’s going to be a very volatile asset for a long time.”  — Reported by Tugce Ozsoy, (c) 2017 Bloomberg LP

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