Bitcoin Valuation Skyrockets to $5000

Richard Branson CEO of Virgin Galactic which accepts bitcoin as a form of payment

It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared.

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.

Bitcoin, the biggest and best-known cryptocurrency, has chalked up a more than fivefold increase in price this year. On Wednesday, Russian President Vladimir Putin warned of the risks surrounding the cryptocurrency market.

Some attributed the jump to speculation that China will allow bitcoin trading to resume by licensing exchanges for cryptocurrencies, but initial reports about that possible move came last week.

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It was unclear why Paddock stopped firing at the crowd, suggesting he may have initially planned to escape, Sheriff Lombardo said. McMahill said investigators remained certain Paddock acted alone in the shooting .

Breaking a previous all time high of just over $5,000 in September before falling back down in price, Bitcoin has surged on.

The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency.

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.

But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks. The change, which started on August 1st, was made to give the money a larger infrastructure.

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