Bitcoin price soars above $11,000 as central bankers seek to calm fears

Bank of England and Fed officials say cryptocurrency is too small to threaten world economy amid warnings of bubble

Bitcoin topped $11,000 on Wednesday, less than 24 hours after hitting $10,000 for the first time, as central bankers on both sides of the Atlantic sought to ease fears that a potential bubble in the cryptocurrency was a threat to the global economy.

The digital currency continued on its record-breaking streak, rising to $11,150 just as analysts were digesting the news that it had made it through $10,000. However, it then fell back below $10,500, again highlighting its volatility.