$5856: Bitcoin Price Hits New Record High

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Bitcoin has reached a new all-time high

The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty.

Bitcoin tumbled below $4 000 last month after China's central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for startups.

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Bitcoin appeared to be stumbling following indications that China was fighting against it, but a change of heart has seen its price soar again. 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. The surge past $5,000 has left the 3-day stochastic RSI poised to cross the 80 threshold for the second time since August.

Even bitcoin fans were plagued by doubts over the summer when Chinese regulators cracked down on exchanges trading the virtual currency and a dispute among developers gave birth to a new version, splitting the market of the budding currency.

The fact that Coinbase will allow instant off-platform withdraws for as much as $25,000 worth of bitcoin before payment is received is a pretty strong statement in regards to how confident they are in their fraud prevention systems. 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. But it's relatively easy to sell a new cryptocurrency in exchange for Bitcoin.

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Under Vladimir Putin, Russia has said it will clamp down on exchanges within its borders, and that Putin himself has said that "buyers of cryptocurrencies could be involved in unlawful activities".

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Bitcoin wasn't Friday's only bastion of good news.

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