BitCoin Price May 2017: Cryptocurrency Sets Highest Record at $1,400
As of Monday, May 1, bitcoin's price has climbed by 4.4 percent within the day, clearing the $1,400 mark to set a new all-time high for the cryptocurrency. Several factors are said to contribute to this rapid rise in bitcoin value. Among them are the announcement from the United States Securities and Exchange Commission (SEC) and the rising value of other cryptocurrencies such as ether.
Bitcoin prices compared to the U.S. dollar currently sits at an average of $1,402.03, according to information from the Bitcoin Price Index, as reported by Coindesk.
This new trend mirrors the earlier progress made by bitcoin early this year, as the demand for the cryptocurrency launched its value to new highs as early as January. This climb was interrupted last month when the SEC denied an application by Cameron and Tyler Winklevoss to start a bitcoin exchange-traded fund (ETF), according to CNBC.
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Had the proposal been passed, the ETF would have been listed on the Bats BZX exchange, one of the largest equities in the country. It would have been the first trade product for bitcoin.
The effects of the ruling on the price of bitcoin have been drastic. The cryptocurrency was valued at $1,325.81 right before the announcement of the SEC ruling — it went on to plummet to below $900 later on.
From its lowest point of $891.51 on March 25, the price of the bitcoin regained ground up to $1,281.17 on April 26, when news that the SEC is reviewing its decision to reject the proposal for an ETF by the Winklevoss twins.
According to the announcement, the SEC is now soliciting statements for and against the rejection. "The Commission hereby establishes that any party to the action or other person may file a written statement in support of or in opposition to the Disapproval Order on or before May 15, 2017," the statement read.
With this news, speculation that an ETF might be approved has pushed up the price of bitcoin well past the $1,300 mark since the announcement in the wake of an excited cryptocurrency marketplace.
