Bitcoin busts out to an all-time high above $1,400

0
19



FILE PHOTO - A Bitcoin sign is seen in a window in Toronto, May 8, 2014. REUTERS/Mark Blinch/File Photo
FILE
PHOTO – A Bitcoin sign is seen in a window in
Toronto

Thomson
Reuters


Bitcoin
is at another fresh all-time high. Early buying ran the
cryptocurrency above the $1,400 mark for the first time
ever, but it has since pared those gains. As of 7:17 a.m.
ET it trades up 4.1%, or $54.55, at $1,370 a coin.

Monday’s advance comes with no specific catalyst, but has trade
on track for its 10th gain in 11 sessions. Bitcoin has been
moving higer over much of the past week following news that

the US Securities and Exchange Commission will reconsider the
Winklevoss ETF
.

Back in March, the SEC rejected plans for two bitcoin ETFs,
saying it “is disapproving this proposed rule change
because it does not find the proposal to be consistent with
Section 6(b)(5) of the Exchange Act, which requires, among other
things, that the rules of a national securities exchange be
designed to prevent fraudulent and manipulative acts and
practices and to protect investors and the public
interest.”

Bitcoin has had a wild start to 2017. It gained 20% in the
opening week of the year before crashing 35% on fears China would
crack down on trading. Since then, it has rallied more than 80%,
shrugging off the crack down in China, the SEC’s rejection of two
bitcoin ETFs, and fears developers could set up a “hard
fork
” that would split the cryptocurrency in
two. 

Not all of the news surrounding bitcoin has been
negative.

At the beginning of April, Japan’s financial regulators
said that
bitcoin was now a legal payment method
in the country, and
days later Russia said it would consider bitcoin and other
cryptocurrencies in 2018.

Bitcoin has been the top-performing currency every year
since 2010, aside from 2014. It’s up about 44% so far this
year.


Bitcoin
Markets
Insider


 



Publish Date

Leave a Reply