Bitcoin has hit yet another record high
It's another good day to be a bitcoin investor, after it hit another record high ahead of a landmark ruling by the US Securities and Exchange Commission (SEC).
The cryptocurrency rose as high as $1,228.56 in the mid-afternoon, London time – more than two per cent higher. The gain means bitcoin has now risen more than 25 per cent since the beginning of the year.
It's the latest twist in a rollercoaster ride of a year for the currency, which jumped at the beginning of the year, then plummeted on fears the Chinese government was moving to outlaw it, then began to rise again – all by mid-January.
Since then, it has been rising steadily as investors began to speculate over whether the SEC will approve one of three bitcoin-focused exchange-traded funds (ETFs) before a deadline set for 11 March.
A thumbs-up to any of the three funds – one of which is founded by the Winklevoss twins, best known for their part in the founding of Facebook – will be a step toward the mainstream for bitcoin, which despite its success has hovered on the fringes of the investment market in recent years.
Last month Mati Greenspan, senior market analyst at eToro, pointed out: "Just now people are working out what it is; how to value it is a different matter."
"Anybody investing in bitcoin has to realise it's a very risky investment," he added.