Tuesday, May 2, 2017

Bitcoin is closing in on $1,500

Bitcoin is closing in on $1,500
By Jonathan Garber

bitcoin atmBitcoin is trading at fresh all-time highs on Tuesday. The cryptocurrency hit a record $1,484.68 before paring its gains. Now, it's trading up 4.2% at $1477.10 a coin as of 8:03 a.m. ET. 

Tuesday's advance has the bitcoin on track for its 11th gain in the past 12 sessions, and marks a second straight day of record highs.

Bitcoin's latest streak comes after the US Securities and Exchange Commission announced last week that it will reconsider the Winklevoss ETF. A ruling will be announced no later than May 15. 

Back in March, the SEC rejected 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 gained 20% in the first week of 2017 before crashing 35% on fears China would crack down on trading. Since then, it has rallied 95% despite China restricting trade, the SEC rejecting two bitcoin ETFs, and threats from developers of creating a "hard fork" that would split the cryptocurrency in two. 

 

Bitcoin has been the top-performing currency every year since 2010, aside from 2014. It's up about 54% so far this year.

BitcoinInvesting.com

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May 2, 2017 at 08:08AM
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