Bitcoin surges over .000 to new record high

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Source:   —  October 12, 2017, at 9:35 AM

Believe it or not, a single bitcoin is presently worth over $5.000.

Bitcoin surges over .000 to new record high

Believe it or not, a single bitcoin is presently worth over $5.000.

The alternative currency spiked more than six percent on Thursday, surging over the $5.000 barrier. It traded as high as $5.168, according to price tracking website CoinDesk.

The virtual currency has been on a very genuine tear, gaining seventy percent over just the past month. A year ago it was trading at less than $650.

While the currency'south moves are frequently inscrutable, analysts have floated a few theories to clarify its meteoric rise.

The first is speculation that trading of the currency could soon resume in China following a crackdown on domestic exchanges.

Related: Jamie Dimon calls bitcoin a 'fraud'

A second theory is that investor confidence was boosted when Bitcoin successfully split into two earlier this year, resulting in the creation of a cheaper offshoot called Bitcoin Cash.

Bitcoin buyers may also have taken heart from reports that Goldman Sachs (GS) was looking at how it might trade the currency. Goldman CEO Lloyd Blankfein, however, says that number final decision has been made.

Not every huge bank is as keen. In September, JPMorgan Chase (JPM) CEO Jamie Dimon described Bitcoin as a "fraud" and said he'd fire anyone at the bank that traded it "in a second."

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