Bitcoin is taking off after China's biggest exchanges allow withdrawals

Bitcoin is back to its old ways after a few quiet sessions.

The cryptocurrency trades up 4.1% at $US2,407 a coin following news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.

The news follows months of uncertainty for customers of the exchanges, who back in Febraury were told they would be unable to take bitcoin out of their accounts. At the time, bitcoin was threatening its record high of $US1,161 a coin before plunging more than 10% on the news.

Since then, however, things have been going pretty well for the cryptocurrency. Aside from the US Securities and Exchange Commission rejecting two bitcoin ETFs, bitcoin has seen a steady stream of good news.

In early April, Japan announced bitcoin had become a legal payment method in the country. Additionally, Russia’s largest online retailer, Ulmart, began accepting bitcoin despite Russia’s saying it wouldn’t consider the use of the cryptocurrency until 2018

Last week, the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York. That caused the cryptocurrency to hit an all-time high of $US2,798 a coin.

Bitcoin has gained 155% so far in 2017.

Get the latest Bitcoin price here.

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