Bitcoin smashes above $5,200 to hit a new record on rumors China could reverse ban

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  • Bitcoin hit a new record high Thursday with rising investor interest causing a rally for the price of the cryptocurrency.
  • The bitcoin price hit an all-time high of $5,231.28 in early trade on Thursday, according to data from industry website Coindesk.
  • Last month, Chinese regulators banned cryptocurrency exchanges with some of the largest in the country shutting down operations.
  • A report by Cryptocoinnews.com, citing Chinese state-owned news company Xinhua, said that bitcoin trading will likely resume with more regulation.
  • “Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets,” Aurelien Menant, CEO of cryptocurrency exchange Gatecoin, told CNBC by email on Thursday.

Speculation that China could reverse the ban of cryptocurrency exchanges is driving sentiment.

Bitcoin hit a new record high Thursday with rising investor interest causing a rally for the price of the cryptocurrency.

The bitcoin price hit an all-time high of $5,231.28 in early trade on Thursday, according to data from industry website Coindesk. This surpassed the previous high of $5,013.91 hit on September 2.

Bitcoin is now up around 424 percent year-to-date.

Investors appear to have shrugged off much of the negative news from regulators around bitcoin.

Last month, Chinese regulators banned cryptocurrency exchanges with some of the largest in the country shutting down operations. The government also banned initial coin offerings (ICOs), a way for cryptocurrency start-ups to raise money through issuing tokens.

But reports have emerged in the last few days that trading in the world’s second-largest economy could resume. A report by Cryptocoinnews.com, citing Chinese state-owned news company Xinhua, said that bitcoin trading will likely resume with more regulation. This could include new licensing and anti-money laundering regulations to be implemented by exchanges.

“Speculators are bullish on bitcoin’s value with the anticipation of China’s reintegration with global crypto markets,” Aurelien Menant, CEO of cryptocurrency exchange Gatecoin, told CNBC by email on Thursday.

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….

Bitcoin smashes above $5,200 to hit a new record on rumors China could reverse ban