The value of the digital currency bitcoin soared 12 percent Thursday to an all-time high after reports suggested Chinese authorities may not completely ban cryptocurrencies.
Bitcoin reached as high as $5,391, according to global financial website investing.com.
The cryptocurrency has risen 17 percent this week, 24 percent since the beginning of the month and 454 percent year-to-date, data compiled from investing.com showed.
Last month, China鈥檚 government banned cryptocurrency exchanges, causing Bitcoin鈥檚 value to drop below $3,000 in mid-September. It also banned initial coin offerings, a means of raising funds by selling off new digital tokens.
China鈥檚 state-owned Xinhua news agency recently reported that the Chinese government is concerned about criminal activities involving cryptocurrencies such as Bitcoin, noting that cryptocurrencies have become the 鈥渢op choice鈥� for underground economies.
Bitcoin鈥檚 sudden rise in value came after the website cryptocoinnews.com said Wednesday that China would resume trading of Bitcoin and other cryptocurrencies with more regulation, citing a report from Xinhua. It said this may include new licensing and anti-money laundering regulations to be implemented by exchanges.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. It is called the first decentralized digital currency, as the system works without a central repository or single administrator.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr