Bitcoin Price Sets New All-Time High
- Author: Zachary Reyes Feb 24, 2017,
Feb 24, 2017, 18:04
China accounted for the bulk of bitcoin trading, with the currency ruling at over $1,000 for its longest-ever stretch, according to researcher CoinDesk.
After Bitcoin reached the previous record high price of $1,165, the price plummeted to half the figure when Mt. Gox, one of the most substantial Bitcoin exchanges shutdown.
Digital currency bitcoin hit its highest levels in more than three years on Thursday and came within $3 of an all-time peak, on speculation that the first bitcoin exchange-traded fund (ETF) is set to receive approval from the USA financial regulator.
The price has surged as hopes have mounted that the US Securities and Exchange Committee (SEC) will approve the creation of a bitcoin exchange-traded fund (ETF).
Though the path to approval appears uncertain, some believe that it might be more likely under the administration of President Donald Trump.
The reason for a bullish Bitcoin market comes from new support for the virtual currency from Japan as traders and exchanges in the country stepped up to fill the gap created when China's central bank reportedly ordered Bitcoin China to support the yuan. With residents there trying to avoid capital controls, China accounts for the lion's share of bitcoin trading.
"If approved this would certainly give a dramatic condoning of bitcoin by the authorities and powers that be", digital currency analytics firm Cryptocompare CEO, Charles Hayter, said. After this point the price of the digital currency has been continuously unstable. It was as high as $600 million in mid-January.
"Bitcoin is at a stage now that is a lot like the early Web", said Neeraj Agrawal, director of communications at Coin Center, a bitcoin advocacy group based in Washington, D.C. At the time of writing the price has since fallen to $1,169.