Tuesday, December 12, 2017

Bitcoin rallies to new all-time highs on more news from ChinaBitcoin rallies to new all-time highs on more news from China

Investing.com – Bitcoin prices rallied to new record highs on Thursday, trading above the $5,100 threshold for the first time in its nine-year history.

On the U.S.-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.

The Bitcoin surged amid reports that trading in China could resume with more regulation. The new measures could include new licensing and anti-money laundering regulations to be implemented by exchanges.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.

Traders also seemed to shrug off negative news from Russia, where President Vladimir Putin said on Tuesday that “buyers of cryptocurrencies could be involved in unlawful activities.”

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

In other cryptocurrency news, Bitcoin Cash rallied 2.27% to $320.37, while Ethereum, the second largest cryptocurrencies by market cap, gained 0.77% to $304.20.

Investors are closely monitoring Ethereum ahead of the upcoming Byzantium hard fork, the first iteration of the long-awaited Metropolis upgrade, expected October 16.

The market cap of both Bitcoin Cash and Ethereum is well below that of Bitcoin at about $5 billion and $29 billion, respectively.

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