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BITCOIN PRICE HITS NEW RECORD HIGH, CAUSING EXCHANGES TO CRASH

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The price of bitcoin has surged to a new all-time high, rising above $20,000 for the first time.

The sudden market jump appeared to cause some cryptocurrency exchanges to struggle, as traders sought to either cash out or make a quick profit.

Reports of issues with Binance, the world’s most popular bitcoin exchange, coincided with the record price spike. Problems also appeared to hit Coinbase on Wednesday.

Bitcoin is currently trading above $20,500, according to CoinMarketCap, having reached below $5,000 earlier this year.

Other major cryptocurrencies also experienced significant increases in value, with including Ethereum (ether), ripple (XRP) and litecoin rising by between 4 and 7 per cent.

Market analysts and cryptocurrency experts said the new all-time high was indicative of a wider trend relating to the widespread adoption of bitcoin and its emerging role as a safe haven asset in times of economic and political uncertainty.

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