Bitcoin surges past $3,400 to hit record high

Bitcoin soared to an all-time high today, just a week after the creation of spin-off cryptocurrency bitcoin cash.

The value of the currency reached $3,451.86 (£2,651), according to the CoinDesk Bitcoin Price Index. On Friday, the currency shot above $3,360. The cryptocurrency’s split came following a long-running rift in its community of developers and miners.

Although trading has been volatile over the summer, bitcoin's price surged over the past year as its popularity grew. In August last year, bitcoin was below $600 a coin.

Meanwhile, the pound slipped to a 10-month low against the euro yesterday amid expectations the Bank of England would keep interest rates at record lows over the next few months.

Sterling dropped to 90.61 pence per euro today, its weakest since October.

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