Published: Mon, February 27, 2017
USA | By Angel Wallace

Bitcoin smashes all-time price high to reach $1172

Bitcoin smashes all-time price high to reach $1172

Having already risen about 17 per cent this year, it added 3 per cent more on Thursday to hit US$1,160 per bitcoin on Europe's Bitstamp exchange, just shy of the all-time high of US$1,163 that was reached in November 2013.

The U.S. Securities and Exchange Commission may be readying itself to launch bitcoin to the public, which is trading at $1,160 per bitcoin.

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.

As of 24 February, it was sitting at over $1,200. This is largely due to discrepancies on pricing data provided by various exchanges.

Furthermore, on February 9, both Huobi and OKCoin announced that they have halted withdrawals after the Chinese regulator threatened to close exchanges that are not complying with currency regulations as they are upgrading their KYC/AML procedures.

2017 bitcoin optimism, round two?

Bitcoin rose to an all-time high this morning, breaking above the $1,200 mark for the first time ever before dropping back steeply. So far, the only ways to sell and buy bitcoin revolves around digital wallets that have not been approved to be used in the U.S.

The SEC is supposed to decide on this by March 11, and traders are optimistic about the fund's approval. If institutional investors end up pouring money into these ETFs, the funds will need to purchase bitcoins underlying the fund boosting its price.

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