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The price of bitcoin has surged overnight, closing in on its all-time high set back in 2013.
Immediately prior to reporting, global average prices had reached a high for the session of around $1,137, according to the Bitcoin Price Index. Notably, that figure is less than $30 below the maximum ever value of $1,165.89 set on 30th November, 2013, prior to the crash instigated by the collapse of major exchange Mt Gox.
The latest increase comes soon after bitcoin’s longest ever period at over $1,000, and a notable lack of volatility in recent months.
The highs also reflect confidence by traders and investors in an industry that has been somewhat rocked by moves by the Chinese central bank to restrict the actions of the country’s bitcoin exchanges, causing a number of them to temporarily freeze withdrawals of the cryptocurrency.
Also lurking in the background, and possibly having an influence on price, is the imminent SEC decision to approve (or not) the Winklevoss brothers’ bitcoin ETF – an event some experts have told CoinDesk that traders are already ‘pricing in’.
The 11th March ruling could see the approval of the first bitcoin ETF in the US market, opening the digital currency to a wider audience of investors. However, many in the industry do not see a high likelihood of approval by the financial regulator.