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Bitcoin Hits Fresh Record Highs on Rumors of Chinese Ban Reversal

Cryptocurrency NewsOct 12, 2017 07:24AM ET
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Bitcoin 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.

Bitcoin Hits Fresh Record Highs on Rumors of Chinese Ban Reversal
 

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Michael Jarmuz
Michael Jarmuz Oct 12, 2017 1:52PM GMT
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I highly doubt anyone is buying Bitcoin to receive their free Bitcoin Gold.  I am looking forward to the crypto dividends and really only want the legacy chain Bitcoin.  Wall Street has not even come on board yet.  When it finally has access to these markets, the big money is going to flow into Bitcoin.  They are not buying alt coins..
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Ryan Evans
Ryan Evans Oct 12, 2017 12:14PM GMT
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Obviously China is going to resume trading soon in next 10 days after elections.  Everyone knows that. It's also exploding for the upcoming split (fork) to Bitcoin Gold on October 25th.  People get free Bitcoin Gold at split, at which point the new Bitcoin Gold will also explode.  Maybe higher than Bitcoin, who knows.  One analyst just stated Bitcoin will hit 27,000 in next 4 months, and I would not rule that out.  Anyway, who on earth wouldn't being buying bitcoin right now for the free bitcoin gold at split October 25th?  Free money seems like a no-brainer.  o_0
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