Bitcoin price hits a new record high above $5,100

Bitcoin price hits a new record high above $5,100

Russian President Vladimir Putin said on Tuesday that “buyers of cryptocurrencies could be involved in unlawful activities,” according to a Reuters report. Russia’s central bank also said it would block websites of exchanges that are offering cryptocurrencies.

At the same time, business leaders have also poured cold water over bitcoin. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a “fraud”.

“The bull is back in the market,” Charlie Hayter, CEO of industry website CryptoCompare, told CNBC by phone on Thursday.

“Putin and Russia’s comments were water off a duck’s back whilst positive sentiment from industry players are driving long positions.”

Rising support from large institutions could also be helping the cryptocurrency. Goldman Sachs is exploring a bitcoin trading operation, a company spokesperson told CNBC recently. And former hedge fund manager Michael Novogratz is starting a $500 million fund to invest in cryptocurrencies. Novogratz told CNBC earlier this week that bitcoin could hit $10,000 in the next six to ten months.

Another event is also on traders’ radars. Earlier this year, bitcoin split in two, and a new cryptocurrency called bitcoin cash was created. Another so-called “fork” is on its way, which will result in another new cryptocurrency called “Bitcoin Gold”. Some people holding bitcoin will receive bitcoin gold, which Menant called essentially “free money”.

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

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