Bitcoin nears $6,000; gains 500% in 2017

Bitcoin closed in on another milestone Friday, as it approached $6,000 for the first time to put its gain in 2017 to above 500 per cent. This comes just three days after bitcoin suffered its biggest one-day drop in a month on rising concern that regulators are increasingly targeting digital currencies. It has added almost $500 in value in the past two days while reaching a record high. The end-of-week rally is sign the threat of oversight won’t damp enthusiasm for digital currencies. Bitcoin was quick to shrug off China’s move to tighten its grip on trading, extending an eightfold increase over the past year to a record high on October 13. Four days later, bitcoin fell 8.4 per cent after the Commodity Futures Trading Commission said “tokens” used in initial coin offerings can fall within its oversight.