Bitcoin price hit a new high of $10,300 on Friday, hitting a record high of nearly $10k, the cryptocurrency’s biggest ever rise.
The latest surge in price came just hours after US President Donald Trump signed an executive order aimed at curbing the illegal trade in bitcoin, which the government said had surpassed $11 billion.
The order, which took effect on Monday, has sparked a huge amount of interest in the cryptocurrency as it’s a way to bypass existing financial institutions and allow users to transfer funds from one wallet to another without having to trust a third party.
Bitcoin, the most popular cryptocurrency, was trading at $1031.63 in mid-morning trade, according to data from CoinMarketCap.
Bitcoin’s gains are driven by the popularity of its price-supporting features, which allows users to send and receive payments without relying on third parties to process them.
This is important for a number of reasons, including the fact that most Bitcoin users use a wallet which allows them to safely store their funds without the need for a third-party to process transactions.
The new high comes as US regulators have been trying to curb the growth of cryptocurrency, which has surged to more than $1bn (£750m) in value this year.
Earlier this month, the US Securities and Exchange Commission (SEC) said it had closed the case against Bitfinex, the popular exchange that operates in Hong Kong, which was accused of accepting more than US$100m worth of bitcoin from its customers in an effort to boost its market capitalisation.
The SEC also accused Bitcoin wallet provider Coinbase of not complying with a court order to provide access to customer information.
The agency has since launched a formal investigation into the issue.
The market also saw an increase in the value of other cryptocurrencies.
Litecoin, the second-largest cryptocurrency, rose more than 6% to $6,068, after hitting a new record high earlier in the day.
Other cryptocurrencies that saw a bigger increase were Dash, Ripple and Dogecoin.
Bitcoin Cash, the third-largest coin, was also up more than 10% to nearly $2,800 in midday trade.
A total of $5.6bn in bitcoins were traded in the market on Friday.
The cryptocurrency’s current market value stands at more than USD $8.3bn.