- Bitcoin surged as much as 7.5% on Thursday, to $40,094.81.
- The red-hot cryptocurrency has seen immense volatility in recent days, with thousands of dollars per coin added and wiped out across short periods.
- Thursday’s surge comes after European Central Bank boss Christine Lagarde called for more regulation the prior day.
- Morgan Stanley analysts say bitcoin focus “unsurprising” given low bond yields
Bitcoin rose sharply once again on Wednesday evening and Thursday morning, climbing past the $40,000 mark.
It has been a volatile few weeks for bitcoin, with its price hitting an all-time high of close to $42,000 last week before paring. The price has consistently swung around 10% a day as investors buy in and cash out of the cryptocurrency, which has surged more than 330% in a year.
Bitcoin climbed as much as 7.5%, to $40,094.81. Its smaller rival Ethereum rose 7.2% over 24 hours to $1,160.
The dramatic rise in the price of bitcoin and other cryptocurrencies has sharply divided market opinion, pitting much – although not all – of the financial establishment against a new breed of online investor.