Bitcoin cleared the $1,600 level for the
first time on Thursday. The cryptocurrency has pulled back a bit and now trades
up 5.5% at $1,585.71 a coin as of 12:27 p.m. ET. It's higher for the 14th time
in 15 days, gaining more than 35% over that time.
The recent rally has lacked any real
catalyst, with traders seemingly keying in on hope the US Securities and
Exchange Commission will reverse its decision to the
reject the Winklevoss ETF. A decision is due by May 15.
Back in March, the SEC rejected the plans
for two bitcoin ETFs, saying it "is disapproving this proposed rule change because it does
not find the proposal to be consistent with Section 6(b)(5) of the Exchange
Act, which requires, among other things, that the rules of a national
securities exchange be designed to prevent fraudulent and manipulative acts and
practices and to protect investors and the public interest."
Bitcoin has overcome China
restricting trade, the SEC's rejecting of two bitcoin ETFs, and threats from
developers of creating a "hard fork" that would split the
cryptocurrency in two to post a 67.5% gain so far in 2017.
It's been the top performing currency every
year since 2010, aside from 2014.
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