Bitcoin prices climb to a fresh record high topping $5,800

Courtney Goldsmith
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Bitcoin Conference Held In New York City
Bitcoin prices hit yet another a fresh all-time high (Source: Getty)

Another day, another new all-time high for bitcoin.

After smashing through the $5,000 barrier yesterday in its biggest daily rise in more than two weeks, the cryptocurrency edged closer to $6,000 in early morning trading today, reaching a high of $5,856.

The gains come despite criticisms and regulatory actions taken against the digital currency in recent weeks.

"It is remarkable how, despite the slew of negative news fired at bitcoin, it has remained extremely resilient. With prices already surging over 450 per cent this year to above $5,300, further gains could be on the cards, as extremely bullish momentum encourages investors to speculate on even grander gains," said Lukman Otunuga, research ananlyst at FXTM.

Earlier this week, the Russian Central Bank moved to ban websites of exchanges that offer cryptocurrencies as the bank's deputy governor called digital currencies "dubious".

Bitcoin's price also hit bumps in the road last month after JPMorgan Chase boss Jamie Dimon called cryptocurrencies "frauds" and South Korea and China banned controversial initial coin offerings (ICOs). ICOs allow companies to raise cash through a cryptocurrency or digital token.

The UK's financial regulator has also warned about ICO risks.

Yesterday, however, JPMorgan's chief financial officer Marianne Lake dialled down the company's stance on cryptocurrencies in a call with reporters, saying they were "very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated".

A lack of regulation in the cryptocurrency market has been a sticking point for some investors. The backer of a bitcoin fund dropped an application to list on a US exchange last month, saying there had not been enough progress made on regulation.

The US Securities and Exchange Commission had rejected two similar applications based on an analysis of the current state of regulation of the market.

Read more: Bitcoin fund withdraws US exchange application

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