Bitcoin hit yet another fresh record high on Thursday as it rose above the $14,000 threshold for the first time.

The cryptocurrency, which started the year at around $1,000, touched an intraday high of $14,047 in morning trading in Asia, bringing its gain for the week to 24.9 per cent.

The soaring price of bitcoin has fuelled interest from investors and companies that trade cryptocurrencies, despite repeated warnings from regulators that it is unregulated.

Bitcoin has received support in recent days after CBOE Global Markets said it will launch trading in futures tracking the cryptocurrency from December 10 and CME Group will begin listing bitcoin futures contracts on December 18. The Commodity and Futures Trading Commission gave the greenlight for bitcoin futures trading on Friday.

Despite the support from regulators, the world’s largest banks are pushing back, raising concerns with US regulators that the financial system is ill-prepared for the launch of the contracts as the value of the volatile cryptocurrency has soared. The Futures Industry Association, the main futures industry lobby group, plans to send a letter to the CFTC that will be published on Thursday.

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