Bitcoin Prices Push Through $5000 and on to All Time Highs

Bitcoin Surges Past $5,000 USD to Establish New All Time High

But observers say they are now detecting a rethink by the Chinese authorities, causing bitcoin on Thursday to surge past the $5,000 level for the first time since its launch eight years ago. China's crackdown was reportedly caused by fear of fraud and to protect itself from a potential cryptocurrency bubble.

Yet bitcoin prices march on. nearly in defiance of such sovereign resistance and institutional aversion, moves which are clearly dividing the digital currency world into two camps: the old-school fiat backers, and the new jack digitals.

This post was syndicated from Bitcoin News.

Bitcoin is up over 480 percent year-to-date.

The Bitcoin's value is increased more than $750 per coin in the last week alone. As recently as December, bitcoin was trading at less than $1 000 dollars. We had also said that it was only a question of when and not IF and we were proved right as the prices have shot through the $5000 region and continue higher as we write this.

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Making sure users have enough money in their account to actually afford their purchase is important because Coinbase won't be placing any holds on instantly purchased cryptocurrency, meaning a user will be able to buy bitcoin and transfer it off exchange before the ACH withdraw is actually completed.

The lowest price seen was $5,268.19000000 on Bitstamp's exchange at 3:36 pm yesterday.

The average price on the surveyed exchanges, as weighed by volume, was $5,616.77. The unprecedented highs keep on coming, and if investors such as Mike Novogratz are to be believed it is only a matter of time before Bitcoin hits $10,000 and higher.

Altcoin Exchange CEO Andrew Gazdecki told CoinDesk that the team set up the demonstration this way for "testing purposes", though the likely next step will be to trade bitcoin to ether for their respective US dollar amounts or another fiat currency equivalent.

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