Bitcoin prices have been soaring and currently are in a territory that could see them breach the all-time high and establish a new high for themselves.
The virtual currency was trading at $2,573 a coin – a 2.1 per cent increase – as of 7:03 a.m. ET. With the prices breaching the $2500 levels, bitcoin could very well reach its all-time high in near future if its prices top $2,799 levels. Bitcoin is up 172% so far in 2017.
Monday’s advance comes absent of any real catalyst. The bid seems to be a continuation of the gains that developed late last week after China’s three biggest bitcoin exchanges announced they were allowing customers to begin withdrawals for the first time since February . At the time, bitcoin was threatening its record high of $1,161 a coin before plunging more than 10% on the news.
Since then, however, bitcoin has seen a steady stream of good news. In early April, Japan announced bitcoin had become a legal payment method . Additionally, Russia’s largest online retailer, Ulmart, began accepting bitcoin despite Russia’s saying it wouldn’t consider the use of the cryptocurrency until 2018
Hoever, there has been one big hurdle. Back in March, the US Securities and Exchange Commission rejected two bitcoin ETFs . It has since taken public comment on its decision regarding the Winklevoss ETF, but has not made an additional ruling.