Bitcoin soared past $5,000 for the first time early Thursday morning and it continued to hit to new heights throughout the trading day.
The red-hot digital currency, which is up more than 400% this year, blew past $5,300 to $5,382 just after 12 p.m. ET. Sell-off pressure has since pushed the coin back down below $5,300.
It is still up near 10% Thursday.
The $5,000 mark has long been a threshold of high-anticipation in the bitcoin community. Traders got a taste of it in early September when bitcoin hit a high of $4,921, according to data from Bloomberg.
Soon after that, its price declined amid news of a crackdown in China and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method. After bottoming out near $2,900 per coin on September 15, it has since rallied.
That has come as no surprise to folks in the bitcoin community, who say government regulations and crackdown have little impact on bitcoin or its price.
“Bitcoin was designed to operate outside of the influence of governments and central banks, and is doing exactly that,” said Iqbal V. Gandham, a managing director at eToro UK. “So to us, this bounce back in …read more
Source:: Businessinsider – Finance