Bitcoin broke through $11,000 for the first time since January

access_time2018-02-20 18:30:08


Bitcoin  broke through the $11,000 mark over the weekend for the first time since the end of January as its price continues to slowly rise following a violent sell-off at the start of the month.

The price of the cryptocurrency went as high as $11,279.18 on Sunday, its most elevated level since January 30, according to CoinDesk's bitcoin  price index, which tracks prices from four major cryptocurrency exchanges.

On Monday, bitcoin  was trading below $11,000, at $10,789, at around 9:30 a.m. London time (4:30 a.m. ET).

Bitcoin's price has been slowly climbing higher after a massive sell-off in early February, which was triggered by fears over tighter regulation, rumors of price manipulation  in the market, and a hack on cryptocurrency exchange Coincheck that saw over $500 million stolen .

Bitcoin is up over 80 percent since it bottomed at $5.947.40 on February 6.

In South Korea, a key market for bitcoin , there were fears that an outright ban on cryptocurrency trading could come into effect. But as new measures were implemented , they were less strict than investors thought, and many sounded a positive note.

Still, there are a number of major organizations and figures warning about the potential for cryptocurrencies to crash. Goldman Sachs said in a note this month that most digital coins are likely to fall to zero . And Ethereum founder Vitalik Buterin also warned Sunday  that cryptocurrencies are a "hyper-volatile" asset class and "could drop to near-zero at any time."


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