Bitcoin bursts through $5000 for the first time

Bitcoin bursts through $5000 for the first time

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.

Bitcoin's value rose more than 8 percent and stretched above $5,200 on Thursday morning thanks to rising investor interest, according to cryptocurrency news site Coindesk.

Bitcoin has an intraday high of $5280 and ended yesterday at $5226. Some exchanges saw the price hit $5,000 for a few minutes in September, but it only lasted for about 10 minutes, making today the first sustained movement past the historic milestone. On Wednesday, Russian President Vladimir Putin warned of the risks surrounding the cryptocurrency market.

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In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal.

Bitcoin, a virtual currency created from computer code, was worth only a few USA cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. In fact, Russia's central bank said they are considering banning cryptocurrency trading websites. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago.