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Bitcoin surge past $14,485 in Asian trade

Regulators in the US, Germany, Malaysia and Dubai have warned against using bitcoins. Photograph: (AFP)

WION Web Team Mumbai, Maharashtra, India Dec 07, 2017, 08.50 AM (IST)

Bitcoin charged past $14,000, touching a high of $14,485 but slipped back to $14,485 in Asian trade.

The virtual currency has risen exponentially this year from $752 in January to a present high of $14,485, the surge has surprised experts and economists alike.

However, the bitcoin have no central bank backing. On Tuesday, the Reserve Bank of India(RBI) had warned about risks involved in trading in Bitcoin.

The currency which lacks backing from any financial institution, governments across the world are looking at the surge in prices of bitcoin very closely as it surges "like a charging train with no brakes".

According to a Reuters report, "more than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That's a total of more than $10 billion at current exchange rates. Few have been recovered."

Regulators in the US, Germany, Malaysia and Dubai have warned against using bitcoins.

China and South Korea have banned digital coin sales.

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