Bitcoin trades above $5000 for the first time ever

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Bitcoin trades above $5000 for the first time ever

But those warnings aren't having a lasting effect on the value of the cryptocurrency.

Another major difference is that bitcoin's creation, value and integrity come from complicated, mathematical wizardry, known as "blockchain" technology, which regulates the creation of new units and essentially ensures the security of every transaction involving the digital currency.

Despite this, Goldman Sachs is open to the Bitcoin currency and is exploring a bitcoin trading operation. A year ago it was trading at less than $650. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

'The interest really stems from the media hype, ' he added.

This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks. Bitcoin plummeted below $3,000 in mid-September after Chinese authorities announced a crackdown on the digital currency. "So we expect some investors to be surprised by bitcoin bouncing back", said Iqbal Gandham, managing director at broker eToro UK, in a note on Thursday.

By 1245 GMT, bitcoin was trading up 8 percent on the day around $5,200 on Luxembourg-based exchange Bitstamp.

"Yet bitcoin was created to operate outside of the influence of governments and central banks and is doing exactly that". But determining its value is hard. At the time, fears about China and some harsh words from Wall Street - like when J.P. Morgan CEO Jamie Dimon called bitcoin a "fraud" - brought the price from a high of about $5,000 per coin back down to about $3,500.

Bitcoin's rival ethereum rose 1.93 percent to $307.

"Investors are seeing the lessons of history in the up-and-coming forks and hoping for an extra dividend", said Charles Hayter, co-founder of data analysis website Cryptocompare, adding that rumours on online forums that China could reopen exchanges could also be affecting the price.

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