Price of Bitcoin

Bitcoin tops £5,000 in value

While it is a historic moment of sorts, Bitcoin is usually compared to the dollar.

The virtual currency peaked at $6,649.33 (£5,015) at about 16:34 GMT on Wednesday, according to Bloomberg.

The total value of Bitcoin in circulation is currently $110bn (£83bn) and the cryptocurrency has risen more than seven-fold against the dollar over the past year.

The reason for the latest jump in value was in part driven by an announcement by US-based derivatives marketplace operator CME Group about a plan to launch a Bitcoin futures product before the end of the year.