Bitcoin hits a record high above $4,900

• Frank Chaparro
 

• 21h
• 2,166

Bitcoin hit an all-time high, according to data from Bloomberg. MI

Bitcoin broke through a new ceiling on Tuesday amid regulatory uncertainty and mounting criticism. 

The price of the red-hot cryptocurrency soared passed $4,900 Tuesday afternoon to $4,926, an all-time high for the cryptocurrency, according to data from Bloomberg. 

Other estimates put bitcoin's all-time high over $5,000, such asCoinDesk's index. 

Bitcoin hit a record high of $4,921, according to data from Bloomberg, at the beginning of September, but quickly saw its price decline amid news of a crackdown in China and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method. After bottoming out near $2,900 per coin on September 15, it has since rallied.

On Tuesday, Russian president Vladimir Putin added to the uncertainty, hinting at a possible cryptocurrency crackdown in Russia.

Putin's comments follow mounting criticism from some of Wall Street's most powerful players. 

On September 12 JPMorgan CEO Jamie Dimon called bitcoin "a fraud" and said it was "worse than tulips bulbs" in the 1600s. 

Then, in a recent interview with Bloomberg News, Larry Fink, the head of BlackRock, the world's largest investor with $5.7 trillion under management, said he thinks the explosive growth of bitcoin points to nefarious behavior. 

"It just identifies how much money laundering there is being done in the world," Fink said. "How much people are trying to move currencies from one place to another."

Kenneth Rogoff, the former chief economist of the International Monetary Fund, weighed in on bitcoin Monday, saying that "in the long run, the technology will thrive, but that the price of bitcoin will collapse."

Get the latest Bitcoin price here.

SEE ALSO: Putin is sounding the alarm over cryptocurrencies

NOW WATCH: Is bitcoin a bubble or the future of everything?

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More: Bitcoin Cryptocurrencies

Billionaire Steve Cohen has lost his top trader ahead of his supersize hedge fund launch

• Rachael Levy
 

• 17h
• 4,525

Steve Cohen. Steve Marcus/Reuters

Billionaire Steve Cohen's longtime top trader is leaving ahead of the hedge fund manager's expected supersize return to managing outside money.

Phil Villhauer is leaving Cohen's family office, Point72, after working for Cohen since 2002, the New York Times reported earlier Tuesday, citing an internal memo.

Villhauer got his start at Cohen's SAC Capital, which was shut down for insider trading. Cohen turned SAC into an $11 billion family office following a settlement with the government. Cohen is widely expected to accept outside money again starting next year, when a ban on him managing outside money ends.

A spokesman for Point72 confirmed that Villhauer is leaving and declined to comment further.

Cohen's relaunch is highly anticipated on Wall Street. Business Insider previously reported that investors are expected to pony up a minimum of $100 million for the chance to invest.

A person with direct knowledge of the launch earlier told Business Insider that the new fund is targeting close to $2 billion in outsiders' money – a steep drop from previously cited figures nearing $10 billion.

SEE ALSO: There's a big question hanging over the most anticipated hedge fund launch in history

NOW WATCH: Gary Shilling calls bitcoin a black box and says he doesn't invest in things he doesn't understand

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More: Hedge Funds Point72 Phil Villhauer Stamford Harbor

The stock market just flashed a dangerous warning signal

The stock market just flashed a dangerous warning signal

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Markets Chart Of The Day <newsletter@businessinsider.com> Unsubscribe	12:52 PM (23 hours ago)
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MANAGE SUBSCRIPTIONS  |  UNSUBSCRIBE  |  VIEW ONLINE Chart Of The Day The stock market just flashed a dangerous warning signal  For months, stock market pessimists have been saying US equities are overvalued. And as of this past week, they have a major piece of tangible evidence. The measure in question is the so-called relative strength indicator, which indicates when the stock market has gotten too stretched in either direction. An RSI measure exceeding 70 means the market is overbought and a downturn may be imminent. A drop below 30 indicates an oversold condition. The RSI for the benchmark S&P 500 climbed above 70 last week and stayed in that overvalued territory for five straight days. The index's repeated climb to record highs is now in danger — at least if the past 12 months is any indication. The indicator also climbed above 70 late last year, peaking on December 13. The S&P 500 was almost unchanged over the next month, slamming the brakes on the momentum that had seen the benchmark surge in 2016. More recently, in early March, the RSI on the index once again found itself peaking above 70. The S&P 500 would drop 1.4% over the next month, despite a 5.6% year-to-date climb through the end of February. But this is not to say the 8-1/2-year bull market as we know it is in danger. Rather than a full-fledged sell-off, the past two instances of overstretched conditions in the past year have resulted in more of a consolidation period. What it does do is provide investors with a reality check — that contrary to recent returns the stock market doesn't always climb in unstoppable fashion. Adding to positions, especially at these expensive levels, may not be worth the trouble for those looking to put more money to work — at least for the time being. Read »