Bitcoin soars to a new high


Bitcoin is trading in record territory, up 6% at $US2,848 a coin, propelled by heavy buying from China and Japan, according to Newsbtc.

Tuesday’s advance has the cryptocurrency higher for the 33rd time in 38 days. It has rallied about 144% during that time.

Recent buying has come on the heels of China’s three biggest exchanges resuming withdrawals last week for the first time since February and Japan naming bitcoin a legal payment method back in early April. Additionally, Russia’s largest online retailer began accepting bitcoin even though has Russia said it wouldn’t consider the use of the cryptocurrency until 2018.

However, there remains one big unknown. Back in March, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds. It has since taken public comment on its decision regarding an ETF started by the Winklevoss twins, but it has not made an additional ruling.

Bitcoin is up 200% in 2017.

Get the latest Bitcoin price here.

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