Bitcoin Powers Past $2,900, Nears $3,000

FinTech, Investing, News, Regulation | June 6, 2017 By:

The naysayers, the doom rakers, the pessimists and the widows and orphans investors are sad today. That’s because they missed an epic buying opportunity.

It was just a little while ago that bitcoin slid briefly below the $2,000 mark. Today, it capped a return to glory by powering its way to the $2,967 level on several exchanges by mid-day, marking yet another all-time high in a spring season marked by them. The price retreated a bit after that summit, settling back around the $2,867 mark.

It was a mixed bag for other cryptocurrencies. Ethereum’s ETH was up slightly to around $250, while other gainers included Dash at around $145, and Monero at $50.72. Ripple’s XRP and Litecoin were down slightly.

Just after the May 29 US Memorial Day holiday weekend, bitcoin’s single-coin prices hovered around $2,248 on several exchanges. Other cryptocurrencies also were holding steady, with ethereum’s ETH token the biggest gainer, rising to the $203 level at mid-day. Litecoin was around $25, Dash at $123, and Monero just above $43. Ripple’s XRP was down slightly, sitting around 0.218953.

Buoyed by the arrival of the long-awaited hard fork, the markets had revved as rumors swirled that the US Securities and Exchange Commission’s review of an appeal on the Winklevoss exchange-traded fund bid might arrive soon. Bitcoin has doubled in price since it first topped $1300 in March as the world awaited the initial SEC ruling. After a brief dip into $900 territory, it’s been mostly blue skies and elevating price levels ever since.

Increased worldwide trading, Japan’s legalization of bitcoin as a monetary unit, Korea’s startup frenzy, and improved outlooks from Russia and India toward easing regulations in those countries have been cited as reasons for the long-term rally.