The Bitcoin price has skyrocketed to an all-time high above $1,400 (£1,084). It has more than tripled in value over the past year.
Its most recent rise is due to its increasing popularity in Japan where it is deemed a legal form of currency.
Cryptocompare, is a data website that analyses bitcoin trading across dozens of exchanges globally. Its founder, Charles Hayter, said: “The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment – a ratification and bringing into the regulatory fold,”
“China’s clampdown on exchanges can also be seen as a positive move for the industry too,”