Investing.com – The price of the digital currency bitcoin rose on Monday, hitting its highest level in five weeks following reports that Switzerland is to allow one more bank to trade bitcoin on the Swiss Stock Exchange.
On the U.S.-based Bitfinex exchange, Bitcoin was trading at $4,473.00 by 06:00 AM ET (07:00 GMT), up 1.56%, having opened at $4,404.30.
Prices were boosted following reports that Switzerland will allow investment bank Leonteq to trade bitcoin in the Swiss Stock Exchange.
Bitcoin prices have recovered after slumping in mid-September when Chinese authorities announced a ban on trading cryptocurrencies in the country.
Regulators and traditional banks are increasingly concerned about the risks of fraud and money laundering in the cryptocurrency space.
China used to account for the majority of bitcoin’s overall trading volume, but now makes up less than 15% of the total amount.
At current prices, bitcoin has a total market capitalization of around $73 billion.
Elsewhere, the price of bitcoin offshoot Bitcoin Cash was a touch lower. It was last at $417.03, having opened at $417.08.
Bitcoin cash has a total market cap of around $6.8 billion at current prices, making it the fourth most valuable cryptocurrency.
Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, slipped 0.83% to $302.01.