Bitcoin price soars above $5,000 to record high

Rising price of the cryptocurrency, now worth four times as much as an ounce of gold, has led to warnings of a bubble

The price of bitcoin has smashed through $5,000 to an all-time high.

The cryptocurrency rose by more than 8% to $5,243 having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.

But the price has been volatile. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing numbers of consumers piling into the bitcoin market could prompt wider financial problems.