Published: Fri, October 13, 2017
Markets | By Noel Gibbs

The price of one Bitcoin is now worth more than $5000

The price of one Bitcoin is now worth more than $5000

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

Bitcoin's valuation has surpassed $5,000 for the first time on Thursday.

As of late afternoon ET, bitcoin sat around $5,320, which amounts to a one week gain of about 25% and a roughly 170% increase from its summer slump when the currency briefly fell below $2,000. It started the year at "just" $966 and quickly spiked to more than $3,000 by June.

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Typically for bitcoin, which at less than nine years old is still highly volatile and illiquid compared with traditional currencies and assets, the precise reason for its recent tear was unclear.

Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

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

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The primary factor driving the bitcoin price's record rally appears to be skepticism that the controversial SegWit2x hard fork will be executed in November, or, that if it is deployed, the resulting blockchain will not be able to compete with the incumbent Bitcoin network.

Bitcoin was trading up 8 per cent on the day around $5200 on Luxembourg-based exchange Bitstamp. According to data from SEMrush, a search engine data analytics company found the price had a 91% correlation with Google searches surrounding bitcoin, suggesting news surrounding the cryptocurrency increases the valuation of Bitcoin.

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.

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