Bitcoin Price Reaches All-Time High, Continues Upward Trend In 2017

At the same time, Russian authorities have said they would recognize bitcoin and its peers as soon as next year, while local media reported two weeks ago that the Indian government is leaning toward legalizing bitcoin and other digital currencies.

Bitcoin has not been alone in breaking price records in recent days. The US Securities and Exchange Commission (SEC) did however turn down the application of the Winklevoss twins in March, causing the price of the cryptocurrency to decline from about $1350 to less than $900 before the current rally started.

With the legal changes designating bitcoin as a form of payment and the regulatory umbrella becoming organized for cryptocurrency exchanges in Japan, as many as 10 new entrants to the market are on the way says the Nikkei Asian Review.

The Bitcoin price on Bitfinex soared past levels on other major Bitcoin exchanges. "This is real money that's going to sit around and build the new internet".

After Tokyo-based Mt. Gox went bankrupt, many were dim on bitcoin in Japan.

Bitcoin jumped to a new all time high over the weekend, continuing its upward trend throughout 2017.

About 18 companies are planning to apply for the bitcoin exchange license, says the Japan Cryptocurrency Business Association. The most significant concern among financial regulators was bitcoin's use for "suspicious" activity. These factors suggest coins like bitcoin and ethereum will continue to attract investors as confidence in traditional finance continues to erode. If Ethereum ETF is the first one to get the SEC nod, it will gain further ground on bitcoin. This had put a dent on bitcoin prices, taking it several notches lower from above $1,300 to $1,060.

Even the chance of a bitcoin ETF being listed on a United States exchange, which is the second largest market, is enough to raise bitcoin prices. Bitcoin reached all-time highs yesterday including against the Japanese yen where it now trades at 166,000 JPY to 1 BTC.

While the Winklevoss Bitcoin ETF may be getting most of the cryptocurrency headlines, the SEC announced at almost the same time that it has begun considering approval of an Ethereum ETF.

  • Joanne Flowers