Business Insider

Bitcoin price surges to $5,300

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Screen Shot 2017 10 12 at 3.12.29 PM
Bitcoin
has been on a tear today.

MI

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 crackdowns on the coin have
little impact on its underpinning technology 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 price is no surprise.”

Josh Olszwicz, a bitcoin trader, told Business Insider during an
interview in mid-September that the markets ignored news out
of China because it didn’t impact on the coin’s actual
blockchain technology
.

“If it doesn’t affect the protocol, then it’s not a real
problem,” he told Business Insider.”The bitcoin cash shakeup was
much more worrisome from my perspective, but even then the core
bitcoin protocol remained unaffected.”

Bitcoin has seen its value increase by more than $1,000
per coin in the past week alone, with a rally that coincides
with renewed interest in the currency from investment banks. The
Wall Street Journal last week reported that
Goldman Sachs was looking at setting up a bitcoin trading
operation
, and Morgan Stanley CEO James Gorman said recently
that the
cryptocurrency was “certainly more than just a fad.”

The day’s rise comes “as bulls returned to the market with a
vengeance,” according to Neil Wilson, a senior analyst at ETX
Capital.

Get the latest Bitcoin price here.

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