Published: Fri, October 13, 2017
Economy | By Guillermo Lane

Cryptocurrency Bitcoin rockets above $7000 to all-time high

Cryptocurrency Bitcoin rockets above $7000 to all-time high

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

Most merchants that accept crypt coins as a mode of payment prefer Bitcoins over other cryptocurrencies.

The digital currency was last trading at $5,195, up 7.6%, according to CoinDesk. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week.

Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

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But that was not enough to put investors off, with bitcoin rallying around 10 per cent since then.

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.

The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency.

Traders also seemed to shrug off negative news from Russian Federation, where that "buyers of cryptocurrencies could be involved in unlawful activities". The bitcoin price has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex.

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