Bitcoin is going bananas
Andrew Burton/Getty Images
Friday's advance comes after Coinbase, a digital currency exchange, announced that customers can instantly purchase bitcoin and other cryptocurrencies using a US bank account. Those customers previously had to wait several days before receiving their digital currencies.
It has been a monster week for bitcoin, which has soared nearly 30% since last Friday's close. It blew through the highly anticipated $5,000 level on Thursday, just days after the Wall Street Journal reported that Goldman Sachs was looking into setting up a bitcoin trading operation, and Morgan Stanley CEO James Gorman said that the cryptocurrency was "certainly more than just a fad."
But things didn't look too promising in September. News of a crackdown on trading in China and and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method, pushed the cryptocurrency to a low of $2,900 per coin on September 15, it has since rallied.
Neil Wilson, a senior analyst at ETX Capital, told Business Insider on Thursday that ""bulls returned to the market with a vengeance."
Bitcoin is up about 476% this year.
Get the latest Bitcoin price here.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas