Most of the Bitcoin news this year has been negative.
Chris Dannen, founder of New York-based cryptoasset fund Iterative Instinct, said the growing adoption of so-called alt-coins-a category that includes every cryptocurrency aside from bitcoin-has in turn benefited bitcoin. Nearly doubling in a matter of 2 months, according to Bitstamp the current price of Bitcoin is $1550.
Last month, Japan officially announced it would recognise Bitcoin as legal tender.
The Bitcoin price on Bitfinex soared past levels on other major Bitcoin exchanges. As always, it is a good time to remind you to never trade what you can't afford to lose. Reportedly, 18 companies are planning to get a special license to operate Bitcoin and cryptocurrency exchanges in Japan. Just because the SEC is giving the ETF a second chance doesn't meant the agency is favoring Bitcoin or is going to change its position. Bic Camera, using the payment system provided by the world's largest bitcoin exchange by volume, Bitflyer, started accepting bitcoin at two of its stores on April 7.
Earlier this year on the 10 of March, the SEC denied the application for a bitcoin ETF proposed by the Winklevoss twins.
"As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6 (b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be created to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest", the SEC said.
Even the chance of a bitcoin ETF being listed on a U.S. exchange, which is the second largest market, is enough to raise bitcoin prices.
However, this isn't the first time the cryptocurrency has booked such a rapid surge in prices, and last time the rise was followed by a steep sell-off.
At one point the Bitfinex price was as much as $125 higher than Bitcoin prices elsewhere. This upward trend follows a strong 2016, with Bitcoin rising 125% in value and finishing the year on an all-time high reaching Dollars $1140 and surpassing its market capitalisation, standing at USA $16.1 billion.