The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty. Litecoin is the only currency mimicking bitcoin's moments, as it's also up ~ 10% today.
Most merchants that accept crypt coins as a mode of payment prefer Bitcoins over other cryptocurrencies. And as a new asset with a smaller pool of investors, cryptocurrencies are subject to wild swings in value. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost.
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The cryptocurrency is highly controversial, with JP Morgan boss Jamie Dimon saying that it was only suitable for drug dealers, murderers and people living in North Korea.
Up over $1,000 since last month, Bitcoin has risen over 25% within the last 30 days.
"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", the analyst added.
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"It is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money", he wrote in The Guardian.
But other factors have gotten traders excited: An Oct. 2 Wall Street Journalarticle reported that Goldman Sachs was considering opening a unit focused on bitcoin traders.
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