Bitcoin dipped back under $11,000 (8,169.93 pounds)on Monday, coming off a record high just shy of $11,800 it hit on Sunday after a surge from less than $1,000 at the start of the year, according to Reuters.
The cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange at around 2100 GMT on Sunday.
“The price rises are triggered by continued media interest driven by the expectation of futures trading on CME,” Charles Hayter, founder of data analysis website Cryptocompare, said.
By 1310 GMT on Monday, bitcoin had slipped back to around $10,919, down 2 percent on the day but still up more than 100 percent over the past three weeks. Sunday’s high marked a 1,121 percent increase since the start of the year.
Think Markets analyst Naeem Aslam said reports Britain wants to increase regulation of bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity, had knocked bitcoin off its highs.
But others said greater regulatory scrutiny would help.
“If anything, regulation will only increase bitcoin’s rate of growth as regulation lends credibility and engenders trust,” Nicholas Gregory, CEO of London-based cryptocurrency firm CommerceBlock, said.
Opposition leaders said the digital currency would need congressional approval and some cast doubt on whether it would ever see the light of day in the midst of turmoil.