Bitcoin jumps up by 7 percent to be valued at $5000 for the time ever

Bitcoin smashed through the $5,000 barrier for the first time ever on 12 October, jumping as much as 7 percent to chalk up its biggest daily rise in over two weeks.

Bitcoins are seen in this file photo. Reuters

Bitcoins are seen in this file photo. Reuters

Bitcoin, the original and still the biggest cryptocurrency, has been on a tear recently, rallying nearly 75 percent in barely a month. It has chalked up a more than fivefold increase in price since the start of the year.

On 10 October, Russia decided to block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank First Deputy Governor Sergei Shvetsov said.

Later the authorities accepted the globally booming market of crypto-currencies but want to either control the turnover or to limit access to the market.

Speaking at a conference on financial market derivatives, Shvetsov said the central bank sees rising interest in crypto-currencies because of high returns from buying into such instruments.

With inputs from Reuters

Published Date: Oct 12, 2017 18:53 PM | Updated Date: Oct 12, 2017 18:53 PM