Bitcoin is closing in on record territory.
The cryptocurrency trades up 2.1% at $2,573 a coin as of 7:03 a.m. ET. The early advance has bitcoin on track for its best close ever. It would need to top $2,799 to put in its best print of all-time.
Monday’s advance comes absent of any real catalyst. The bid seems to be a continuation of the gains that developed late last week after China’s three biggest bitcoin exchanges announced they were allowing customers to begin withdrawals for the first time since February. At the time of the ban on withdrawals, bitcoin was threatening its record high of $1,161 a coin before plunging more than 10% on the news.
Since then, however, bitcoin has seen a steady stream of good news. In early April, Japan announced bitcoin had become a legal payment method. Additionally, Russia’s largest online retailer, Ulmart, began accepting bitcoin despite Russia saying it wouldn’t consider the use of the cryptocurrency until 2018
There is still one big hurdle to climb. Back in March, the US Securities and Exchange Commission rejected two bitcoin ETFs. It has since taken public comment on its decision regarding the Winklevoss ETF, but has not made an additional ruling.
Bitcoin is up 172% so far in 2017.
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from Jonathan Garber
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