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Bitcoin is going bananas

Posted October 13, 2017 0:53 AM
Bitcoin is going bananas


Bitcoin on Friday morning soared past $5,400, $5,500, $5,600, $5,700, and ultimately $5,800 for the first time before putting in a record high of $5,866 a coin, according to Bloomberg data. The cryptocurrency has since pared its gains, but it still trades up 3.92% at $5,626 a coin.

Friday's advance comes after Coinbase, a digital currency exchange, announced that customers could instantly purchase bitcoin and other cryptocurrencies using a US bank account. Those customers previously had to wait several days before receiving their digital currency.

It has been a monster week for bitcoin, which has soared nearly 30% since last Friday's close. It blew through the highly anticipated $5,000 level on Thursday, just days after The Wall Street Journal reported that Goldman Sachs was looking into setting up a bitcoin trading operation, and Morgan Stanley CEO James Gorman said the cryptocurrency was "certainly more than just a fad."

But things didn't look too promising in September. News of a crackdown on trading in China and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method, pushed the cryptocurrency to a low of $2,900 a coin on September 15.

Neil Wilson, a senior analyst at ETX Capital, told Business Insider on Thursday that "bulls returned to the market with a vengeance."

Bitcoin is up about 476% this year.


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Tags: Technology, Innovation, Trending
File Under: Technology
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