Bitcoin Climbs Above $1,400 Mark

FinTech, Innovation, Investing, News | May 1, 2017 By:

Fresh off a new record high, bitcoin has quickly toppled that mark. At mid-day, the cryptocurrency topped $1,450 for a single coin on some exchanges before settling back to slightly more than $1,400.

There was no obvious catalyst for today’s climb. A single coin hit $1,331 on some exchanges last week, topping the previous record high of $1,325 set on March 10 of this year. Prices have fluctuated this year, rising 20 percent at the beginning of 2017, only to crash 35 percent when China indicated it would more closely regulate trading.

Bitcoin has been hearing good news lately.  The SEC said last month it would review its decision to deny a US-based exchange-traded fund for bitcoin. The agency turned down the bid by the Winklevoss twins in March to establish the ETF, causing a brief price dip below the $1000 mark.

Also in April, Japan formally adopted bitcoin as legal currency, and Russia and India appeared to back off previously harsh opposition to cryptocurrency.

Bitcoin prices have risen more than 30 percent this year, even as it faced continued headwinds from Chinese regulators and skeptics.