Recently Bitcoin has risen around 2%, pushing towards its all-time high on new hope that United States regulators could endorse a key trading product for the crypto currency.
The Bitcoin price against the dollar stood at around $1281.17 during mid-morning trade in London, according to CoinDesk data, up from $1251.46 a day ago.
Confidence in the market has come from an announcement in the United States that the Securities and Exchange Commission (SEC) is reviewing its decision to reject a bitcoin exchange-traded fund (ETF) proposed by Cameron and Tyler Winklevoss.
In March, the SEC denied an application by the Winklevoss twins to list the ETF, which would have made it the first product of its kind in the United States for bitcoin. The proposal involves listing the ETF on the Bats BZX exchange, one of the largest United States equities market operator.
Bats filed a notice of petition to review the SEC decision which has now been accepted. It means the SEC will look into its initial decision to reject the ETF.
Traders are hopeful that this at least opens the doors to the ETF getting a second shot at being accepted.
Since yesterday, nearly two-thirds of trades were to buy bitcoin while the rest were to sell, showing the current bullishness around the asset.
Bitcoin has been on a firm rise for the past month, up around 23%. It is also closing in on its all-time high of $1,325.81 hit last month. The price movement has been supported by a number of factors including Japan beginning to accept bitcoin as legal currency as well as the Russian government making comments about looking to recognize crypto currencies as legal financial instruments in 2018.
Bitcoin has, of course, also had its recent problems. There is a deliberation among the community over the future of the core technology and how that plays out in the future. There were also problems this month with customers on some bitcoin exchanges struggling to withdraw fiat currency from their accounts. If you wish to buy/sell bitcoins click here.