Bitcoin Surges Above $5200 on Hopes of Renewed China Trade

Ivan Schwartz
October 13, 2017

On the US -based Bitfinex exchange, bitcoin rose to $5,228.3 up $403.5, or 8.36%, exceeding a previous high of $5,013.91 reached on September 2.

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals. It started the year at "just" $966 and quickly spiked to more than $3,000 by June. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.

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

This news comes after the head of JP Morgan called out the cryptocurrency as a "fraud", but after a slight drop in the value of Bitcoin, the valuation of the cryptocurrency has increased by 75% in the last four weeks. As recently as December, bitcoin was trading at less than $1 000 dollars. It also allowed for large trades in the currency to take place more frequency.

Other reports by GizPress

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