Bitcoin has reached its peak by going above $5800

Last Friday, 14th October, Bitcoin made a fresh record by crossing its past highest mark of $5000 a day before. The reason behind this jump is that crypto currency bounced back after dropping previous month because of scrutiny from controllers.

In accordance with Reuters data, Bitcoin increased by 7.4% making to the highest value of $5,846. In the start of September, cryptocurrency was touching $5,000 but slipped to $3000 because of China’s authoritarian scrutiny.

In the beginning of September, the central bank of China stated preliminary coin offerings as illegal and called a stop to fundraising including virtual currency. In the middle of September,  Bitcoin  tumbled as one of the largest exchange in China declared plan of halting trading at September end, brining Bitcoin to $2,972.

However things are going in favor of Bitcoin as investors are taking interests in Bitcoin ignoring the fact that Jamie Dimon, the chief executive of JPMorgan has described the currency “a fraud”.