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Bitcoin reaches new all-time high

(Image credit: Image Credit: Geralt / Pixabay)

Bitcoin has reached a new high in price as the cryptocurrency continues to confound expectations.

Having hit $6,513 at the time of writing, the price of a single bitcoin has now increased six times this year alone, and increased more than double since mid-September.

The sudden surge in price is, according to Reuters, the fact that CME Group Inc announced it would be providing a “regulated trading venue for the cryptocurrency market”. It also said it would be launching new derivatives in the fourth quarter of 2017.

It seems as Bitcoin doesn’t mind being banned in different countries around the globe. Just two days ago, it was announced that Vietnam will be banning the use of all cryptocurrencies, including Bitcoin.

The Asian country's central bank has issued a statement saying doing any business with Bitcoin is now illegal and could result in a fine. The State Bank of Vietnam's “Information related to the use of virtual currency“, declaration says that the use of cryptocurrency to make payments or offer payments is prohibited.

There is no explanation as to why the bank decided to do this, and the order does not mention blockchain as a technology, nor does it mention anything about mining.

This is not the first time Vietnam's banned cryptocurrencies. Almost the same news broke out three years ago, in April 2014. Back then, CNN reported “Vietnam's government declared trading in Bitcoin and other electronic currencies against the law.”

Image Credit: Geralt / Pixabay