The Beat Goes On for Bitcoin, Nears $2,300

FinTech, Investing, News | May 23, 2017 By:

Sonny Bono wasn’t around when bitcoin was born. But he was remembered today as the bitcoin beat goes on, with Tuesday’s single coin price maintaining yesterday’s big gains as of mid-day. Pricing again nudged the $2,300 mark, marking the ninth straight day of gains.

Monday’s massive run-ups in all cryptocurrencies quieted down today for all but Litecoin, which was up double-digits at mid-day to around $30.60. Holders of Ethereum’s ETH took some profits, with prices hovering around the $177 mark, down about $10 from yesterday after a huge run; Dash was around $132, a four percent gainer; and Monero around $45, also staging a big bump on the day. Ripple staged a bit of a comeback, hitting $0.336984 at mid-day.

Bitcoin broke  the magic $2,000 per single coin mark on Saturday, and has kept that momentum since a a temporary retreat last Monday sparked by the worldwide ransomeware attacks and bitcoin’s ties to same.

The long rally floor toward today’s bitcoin all-time high was achieved on March 10, when it topped the $1,300 mark for the first time. A disappointing ruling by the US Securities and Exchange Commission on the Winklevoss twins’ bid to establish an exchange-traded fund briefly drove down the price to the mid-$900 range. Since then, it has increased an estimated 40 percent.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the rally. In the US, the SEC said it will review its decision to deny the Winklevoss exchange-traded fund, also sparking some optimism. The deadline for comments to the SEC in support of its decision or against the denial was May 15./