Published On: Thu, Oct 12th, 2017

Bitcoin prices cross $5000 mark

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Some call it a ponzi scheme, some call it a bubble, some countries try to regulate it but Bitcoin keeps on proving all of them wrong. The virtual currency created a new all time high on 12th October by trading at $5100 for 1 bitcoin at the time of writing.The previous all-time high for Bitcoin was $5,013.91 which it hit on September 2. After that announcements by China and other countries regarding ICO’s and virtual currencies were able to pull back the prices somewhat but analysts predicted a bull run which would see Bitcoin breach the $6000 mark by the end of this year.

Bitcoin values soaring in 2017

Bitcoin’s prices in 2017 have been nothing short of spectacular. The crypto currency often referred to as digital gold blew past the prices of the precious yellow metal in mid 2017. Bitcoin prices flirted with the $1000 mark in January this year but after that rapid acceptance of the virtual currency saw a boom in its prices.

Reports have emerged in the last few days that trading in the world’s second-largest economy could resume. A report by Cryptocoinnews.com, citing Chinese state-owned news company Xinhua, said that bitcoin trading will likely resume with more regulation. This could include new licensing and anti-money laundering regulations to be implemented by exchanges.

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