Bitcoin reaches new high as it approaches $5300


It's the first time the cryptocurrency has confidently shot past $5,000.

Reports have recently emerged stating that trading in the currency could resume but with increased regulation.

On the USA -based Bitfinex exchange, bitcoin rose to $5,228.3 up $403.5, or 8.36%, exceeding a previous high of $5,013.91 reached on September 2.

Bitcoin, the biggest and best-known cryptocurrency, has chalked up a more than fivefold increase in price this year. The cryptocurrency dropped to a low of $2,980 in mid-September on the news China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath.

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As we previously reported, the growth can be linked to several factors ranging from political concerns to a recent split into two currencies - the first being Bitcoin classic and Bitcoin cash. Majority of cryptocurrency transactions occur in the Bitcoin network. But determining its value is hard.

The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty. The bitcoin price has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex.

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.