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Bitcoin Hits $5,400 on Hopes China Will Reverse Exchange Ban

Cryptocurrency NewsOct 12, 2017 03:05PM ET
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Investing.com – Bitcoin prices rose on Thursday as reports that China could reserve its ban on domestic bitcoin exchanges pushed the digital currency above $5,000 for the first time in its nine-year history.

On the U.S.-based Bitfinex exchange, bitcoin rose to $5305.8, up $481, or 9.97%, well above its recent peak of $4,969.

Bitcoin reached its new milestone as reports suggested that China could lift its ban on Bitcoin exchanges allowing trading to resume under a more stringent regulatory environment. The new measures could enforce new licensing and anti-money laundering regulations on exchanges to curb the use of Bitcoin for illegal transaction.

The rise in the use of Bitcoin for money laundering purposes has been one of the main concerns of governments. Russian President Vladimir Putin on Tuesday said "buyers of cryptocurrencies could be involved in unlawful activities."

In other cryptocurrency news, Bitcoin Cash fell 0.92%, to $310, while Ethereum, the second largest cryptocurrencies by market cap, lost 0.12% to $303.03.

Ethereum prices have come under pressure during the week as traders await the upcoming Byzantium hard fork, expected October 16.

The market cap of Bitcoin Cash and Ethereum, $28.92bn and $5.22bn respectively, is well below that of Bitcoin’s 88.7bn.

Bitcoin Hits $5,400 on Hopes China Will Reverse Exchange Ban
 

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John Smith
John Smith Oct 12, 2017 10:06PM GMT
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My sources tell me the reason it is rising so steadily now is because of the upcoming Bitcoin gold fork. Why you didn't mention that is beyond me. You will find I'm right after predict a sharp dip shortly after the fork.
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Rodrigo Franco
Rodrigo Franco Oct 12, 2017 9:48PM GMT
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Fake news dude!
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Ehsan Milani
Ehsan Milani Oct 12, 2017 8:58PM GMT
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Hi unfortunately bittrex has disabled accounts of people that are in iran and syria and they do not respond to us
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Matt Faulconer
Matt Faulconer Oct 12, 2017 7:55PM GMT
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This is not why the price went up, if you don't know what's going on, please don't write about it. It went up because it is the future and more people become aware of it every day. It went up because people believe in it. China news was days ago. The market could smell all time highs, nothing more, nothing less. Get it together Investing or at least find someone who knows what they are talking about to write these articles.
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Emre Agan
Emre Agan Oct 12, 2017 8:11PM GMT
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Take it easy my friend take it easy
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