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Bitcoin Price Reaches New Record High, Surpasses 2013 Strongest Level

February 24, 2017 at 18:41 by Yahia Barakah

The price of Bitcoin surged on Friday, to touch a new record for the first time in more than three years. Today’s gains stemmed from speculation that the US Securities and Exchange Commission could approve the first exchange traded fund that focuses on Bitcoin.

The virtual currency had a surprising recovery from recent negative developments in China, which started with an investigation by the People’s Bank of China into major Bitcoin exchanges. The central bank said it is looking into various violations, including money laundering, which led a number of major exchanges to announce a ban on withdrawals under its pressure.

Investors quickly turned their attention to the upcoming ruling from the Securities Exchange Commission about whether to authorize the creation of Winklevoss Bitcoin Trust. The exchange traded fund is one of three proposed funds, and is due to receive the ruling on March 11. If approved, a flood of investment will pour into Bitcoin, which will spark rapid price gains.

More good news could be in store for Bitcoin, as Japan readies for a law that provides a regulatory framework for the Bitcoin industry, which comes in effect in April. Japan already overtook China’s position as the world’s largest market for Bitcoin by trading volume following recent developments in China.

Chinese authorities, on their part, seem to be more interested in regulating the virtual currency, rather than attempting to end its usage within the country. Recent decisions appear to be targeted at preventing market manipulation and stop money laundering.

BTC/USD traded at 1,195.00 as of 18:00 GMT on Friday, after touching 1,215.49 at 04:40 GMT, the pair’s highest level in history. This new level surpassed the previous record of 1,165.89, set in November 2013. BTC/USD started the day at 1,163.15.

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

2 Responses to “Bitcoin Price Reaches New Record High, Surpasses 2013 Strongest Level”

  1. Dan

    Please I need more info on Bitcom. How much US dollars, minimum, is one expected to put in?

    [Reply]

    Andriy Moraru Reply:

    You can get more info about Bitcoin here: https://www.earnforex.com/bitcoin/. You can put in as little as $1 if you want.

    [Reply]

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