Bitcoin passes USD 5,000 to hit fresh all-time high

LONDON — Bitcoin has hit a fresh all-time high on Thursday, passing above the psychologically significant $US5,000 (AUD 6,400) mark for the first time in its history in early morning European trade.

By 9.20 a.m. BST (4.20 a.m. ET) the cryptocurrency is trading up by close to 6.5% on the day, hitting a value of $US5,136, as the chart below illustrates:

Bitcoin has seen its value increase by more than $US750 per coin in the last week alone, with a rally that coincides with renewed interest in the currency from investment banks. The Wall Street Journal last week reported that Goldman Sachs is looking at setting up a bitcoin trading operation and Morgan Stanley CEO James Gorman said recently that the cryptocurrency is “certainly more than just a fad.”

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