Bitcoin closes in on $10,000 after hitting new all time high

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Bitcoin surged past $9,000 over the weekend hitting a new all time high late on Sunday.

The cryptocurrency hit a record $9,671.84 just hours after it reached $9,400 on Sunday, Coindesk reported.

Despite tailing back slightly the surge continued and at the time of writing the price of Bitcoin on Monday Thailand time was $9,697.

Last week, Bitcoin hit another high of $8,000 after leading U.S. payments company Square Inc said it had started allowing select customers to buy and sell bitcoins on its Cash app.

Analysts say this latest surge is due to a spike in new users signing up to buy and sell cryptocurrencies during the holiday season in the United States.

Coinbase, the leading Bitcoin currency exchange said it had 100,000 thousands new users sign up between Wednesday and Friday taking its total number of users to 13.1 million.

However, by Monday CNBC reported the number of Coinbase users rose to 13.3 million.

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