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Bitcoin climbs to within touching distance of record high
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Bitcoin has broken the $1300-barrier, with the cryptocurrency now within touching distance of its record high.

Bitcoin has gained 4.5 percent since the start of the week, according to CoinDesk and yesterday reached $1306 on hopes that US regulators would approve a key trading product for the digital currency.

Last month the US Securities and Exchange ruled against allowing a Bitcoin ETF but the regulator is now reviewing its decision.

Bitcoin soars on legalisation in Japan
Bitcoin soars on legalisation in Japan

The price has come back slightly since then but is not far off its March 10 record high of $1325.

But the market appears to be split on where Bitcoin will go from here with as many buyers and sellers split fairly evenly.

The last time Bitcoin posted a new record high it fell off sharply.

Bitcoin plunges more than 20 percent on fears currency could split
Bitcoin plunges more than 20 percent on fears currency could split

Despite reaching $1325 on March 10 it plunged to $1085 on the same day. Later in the month Bitcoin collapsed again, going from around $1260 to $950 in just a few days.

But despite the digital currency's volatile history Pavel Matveev, co-CEO of blockchain personal finance platform Wirex, predicts the price of Bitcoin could more than double to $3000 this year.

"Bitcoin has doubled in value in the past six months. The trend for financial regulation, which recognises bitcoin, is spreading across Asia-pacific, and we expect more and more countries to regulate virtual currencies. I believe the price will continue growing and reach as much as $2,000 to $3,000 by the end of the year," he told CNBC.

The Bitcoin decision explained
The Bitcoin decision explained
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