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Bitcoin Price Nears $1,300, Surpasses Gold Price as Traders Remain Bullish

March 3, 2017 at 15:13 by Yahia Barakah

The price of a single Bitcoin exceeded that of an ounce of gold, nearing $1,300 on Friday, as traders of the virtual currency remained optimistic that its price will continue to rise. The price of Bitcoin, which has been setting new historical record highs since it broke its previous record last week, is rising due to a surge in trading volumes.

Despite efforts in China by monetary authorities to curb demand for the digital currency in an attempt to limit capital flight from the country, Bitcoin surged by almost 33% in 2017 after lagging earlier in the year. A number of decisions from the People’s Bank of China, which forced the main Bitcoin exchanges in the nation to ban withdrawals, failed to lower the virtual currency’s appeal for investors in China and worldwide.

Instead, anticipation for an exchange traded fund that is backed by Bitcoin has stoked its price to new highs that were never reached before. The US Securities and Exchange Commission met on February 14 with Tyler and Cameron Winklevoss, who are behind the exchange traded fund, to discuss details of the proposal. The commission is expected to announce its decision on March 11.

If approved, the fund will make trading Bitcoin a lot easier for investors in the United States, and is expected to attract investments from institutions and capital management firms. As more funds pour into Bitcoin, the price of the virtual currency, which exists only in a limited number, is expected to further surge.

BTC/USD traded at 1,277.7 as of 14:40 GMT on Friday, after touching 1,294.4 at 12:55 GMT, the highest level in the pair’s history. BTC/USD started today at 1,256.9.

If you have any questions and comments on bitcoin today, use the form below to reply.

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