Bitcoin breaches new milestone by smashing past US$5,000 mark
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LONDON, Oct 12 — Bitcoin surged to a fresh record today as the enthusiasm for cryptocurrencies showed little signs of abating.
The world’s largest cryptocurrency rose as much as 7.4 per cent and was trading 5.8 per cent higher at US$5,105 (RM21,527) as of 9:59am in London, resuming gains after a one-day break. As recently as December, bitcoin was trading at less than US$1,000 dollars.
Bitcoin tumbled below US$4,000 last month after China’s central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for startups. Recent reports that the Chinese government will ease regulations and that Goldman Sachs Group Inc. is exploring how it could help its clients trade cryptocurrencies are now helping sentiment.
“It’s a very speculative market,” Jon Moulton, a UK-based private equity veteran who owns bitcoins, said in an interview with Bloomberg TV’s Francine Lacqua. “It’s going to be a very volatile asset for a long time.” — Bloomberg