Bitcoin set record high of $5380

Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment

Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment

Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

The Final Word: A murky regulatory environment hasn't slowed down bitcoin.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.

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Bitcoin's October rally continued today, enabling the flagship cryptocurrency to finally burst through the $5,000 checkpoint for the first time since briefly touching that mark on September 2. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

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Bitcoin, a virtual currency created from computer code, was worth only a few U.S. cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto.

Though there have been many warnings about a bitcoin "bubble", including from European Central Bank Deputy Governor Vitor Constancio, some say it has much further to climb.

"For most currencies there are several accepted methodologies for estimating relative value, normally based on macroeconomic fundamentals", said EFG Asset Management's Global Head of Research, Daniel Murray. The new record broke a previous all-time high of $5,013 set in September.

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Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.

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