The world's largest cryptocurrency rose as much as 7.4% and was trading 5.8% higher at $5 105 as of 10:59, resuming gains after a one-day break.
The rise is remarkable because there has been quite a bit of unfavorable news about Bitcoin in recent weeks. On the one hand, China is closing Bitcoin trading in the country, Russian Federation is planning to implement a ban on the access to Bitcoin exchange websites in the country.
"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes. So to us, this bounce back in price is no surprise.
Last month, the Chinese government made a decision to shut down the central exchange of virtual currencies in the country including the most popular one, bitcoin. Whatever might be the reason, it's interesting to see Bitcoin's journey. Consequently, this bitcoin exchange serves as the on-ramp for many investors into the crypto economy. A single Satoshi is only worth $0.00005 now.
Bitcoin on Friday morning soared by more than $500, crossing $5,800 for the first time, putting in a record high of $5,866 a coin, according to Bloomberg data.
"The railroad bubble. Railroads really fundamentally changed the way we lived".
With the maturity and the longevity of the market now assured, we expect this uptrend to continue for the short term and this is likely to keep the speculators busy in the short term.
Bitcoin nearly reached $5,000 at the start of September, but fell back sharply after the head of JP Morgan blasted the cryptocurrency as a "fraud" and as China forced exchanges to close down, sparking fears of a broader crackdown.