Bitcoin is closing in on its all-time high

pulse

October 9, 2017 8:47 PM

Bitcoin hit an all-time high of near $5,000 last month.

Bitcoin is closing in on its all-time high.

The price of the red-hot currency was up more than 4% on Monday above $4,800 a coin, less than $200 shy of its all-time high of $4,983, according to data from Markets Insider.

Bitcoin hit nearly $5,000 at the beginning of September, but quickly saw its price decline amid news of a crackdown in China on the cryptocurrency and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method. After bottoming out near $2,900 per coin on September 15, it has since rallied.

That's despite mounting criticism from some of Wall Street's most powerful players.

JPMorgan CEO Jamie Dimon called bitcoin "a fraud"

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