Bitcoin Price Sets New All-Time High

The price of bitcoin has reached a new all-time high.

Bitcoin prices hit a high of $1,172.09, according to the CoinDesk Bitcoin Price Index (BPI) – surpassing a level first set more than three years ago in November 2013, when the BPI reported an average price high of $1,165.89.

The move followed a morning of price gains, coming amid the longest period ever in which bitcoin’s value has stayed above $1,000.

Prices first began to inch upward today at 9:00 UTC on Wednesday, with bitcoin prices reaching a high of $1,100, staying above that level since. Today’s price high represents an increase of more than 4% since the start of the day’s trading.

At press time, the average price of bitcoin is $1,170.72, BPI data shows.

A number of factors of buoyed prices – and positive trader sentiment – in recent weeks.

Perhaps most notably, traders have taken a largely bullish tack on the prospects that the US Securities and Exchange Commission (SEC) will approve the first-ever bitcoin ETF. The SEC has a deadline of 11th March to make their final decision, which has already been subject to delays.

The surge past the all-time high also follows a period of uncertainty and change within the global bitcoin market.

January’s defining

Read more ... source: CoinDesk

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