Bitcoin price tops $1,700: New all-time high

Bitcoin price tops $1,700: New all-time high

According to Bloomberg, bitcoin jumped Tuesday to a fresh record above $1,700, reaching a record high of 1752.69 dollars. Since the beginning of the previous week alone, the bitcoin price has gained by a third or by more than 400 dollars in value. Bitcoin climbed from $997 at the beginning of the year and since then chased one record after another.

In March, the price had slipped below the $1000 mark after the US stock market watchdog SEC has denied the application to list the Winklevoss Bitcoin Trust ETF on the Bats BZX exchange, in a stunning defeat for its founders, the Winklevoss Twins.

Within 14 days after the decision was handed down, Bats BZX filed a petition for a review. The SEC had approved the review, opening the door to further comment until the 15 May.

Other developments in bitcoin are continuing to sustain the rally. Japan’s decision to legalize the currency as a payment method has led to a spike in popularity and a greater amount of bitcoin being bought with Japanese yen.