Bitcoin smashed via $5100 to hit all new record

According to CoinMarketCap, on Thursday, the price of Bitcoin hits all time high of $5185.73. It hits all new records with rising investor interest causing a rally for the cryptocurrency price. However, it has shrugged off much of the negative news from regulators overall bitcoin.

Recently, Chinese regulators banned cryptocurrency exchanges and even the government bans ICOs.

CEO of cryptocurrency exchange Gatecoin, Aurelien Menant, told by email,

“Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets”.

Putin comments ‘water off duck’s back’

Vladimir Putin said on that “buyers of cryptocurrencies could be involved in unlawful activities”. Russia’s central bank also said it would block all the website that offers cryptocurrencies.

Meanwhile, when everything was seamlessly moving by business leaders. JPMorgan Chase CEO Jamie Dimon calls “Bitcoin a fraud”.

Finally, CEO of industry website Charlie Hayter said that, “The bull is back in the market”. However, Russia and Putin’s comments were water off a duck’s back.

Initially, rising support from large institutions could also be helping the cryptocurrency. At a glance, after split of Bitcoin, a new cryptocurrency bitcoin cash was form. Later on, “fork” on its way that results in another new cryptocurrency called “Bitcoin Gold”.

Menant said essentially,

“Competing bitcoin forks, such as Bitcoin Gold are also encouraging more bullish sentiment as traders look forward to receiving more “free money” in November”.

At the time on commencing article, on Thursday, bitcoin was on trade at $5185.73. Comparatively, the rapid growth of Bitcoin cash has taken over Ethereum which is priced at $323.497 and $307.932 respectively.