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Cryptocurrency Bitcoin rockets above $7000 to all-time high

12 October 2017

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

Bitcoin jumped 6% today to break through $5,000 for the first time ever.

According to Coinmarketcap, $2 billion worth of Bitcoins were transacted in the last 24 hours. And as a new asset with a smaller pool of investors, cryptocurrencies are subject to wild swings in value.

Jordan Hiscott, the chief trader at Ayondo Markets, said: "The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes".

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Rob is exhausted by all of it, has broken off their engagement, and announced to his friends that they had broken. However, the pair went their separate ways in 2013 after she had an affair with Rupert Sanders in 2012.

Neil Wilson, senior market analyst at ETX Capital, said investors in bitcoin are also buoyed by news that USA banking giant Goldman Sachs plans to trade the cryptocurrency.

Though there have been many warnings about a bitcoin "bubble", including from European Central Bank Deputy Governor Vitor Constancio, some say it has much further to climb. Despite this, Goldman Sachs is open to the Bitcoin currency and is exploring a bitcoin trading operation.

None of the Wall Street giants now have a bitcoin trading desk, though Fidelity operates a project through its research and development arm, as CoinDesk reported.

Bitcoin nearly reached US$5000 at the start of September, but fell back sharply after the head of Goldman Sachs blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown. One explanation for why bitcoin is so volatile is that not enough people are trading it to keep prices stable.

Cryptocurrency Bitcoin rockets above $7000 to all-time high