Bitcoin prices rose to a new high of three years or ETF will be approved in the United States
According to Reuters, digital currency bitcoin reached the highest level in three years on Thursday, due to speculation that the first bitcoin Exchange Traded Fund (ETF) will be established to obtain U.S. financial regulatory approval.
The traditional financial players is not too like this network encryption money based on that variable is too big, too complex and risky, and doubt its intrinsic value.
This year has risen by 17% bitcoin, the Bitstamp exchange in Europe continue to rise by about 1% per bitcoin $1160. This price is only slightly less than $1163 in November 2013 hit the highest record.
Some analysts believe that bitcoin Exchange Traded Fund (ETF) approved the establishment, will allow the currency to the market more attractive to investors more cautious.
Three tracking bitcoin value ETF has the U.S. Securities and Exchange Commission (SEC) submitted the application for establishment.
In March 11th SEC will decide whether to approve Cameron and TylerWinklevoss submitted four years before the application. If approved, it will become the first issued by the entity and the supervision of bitcoin ETF.
Digital currency analysis company CEO Cryptocompare CharlesHayter said: “if approved, it will certainly give bitcoin prestige and strength.”
“Maybe the key will be to bitcoin funds. There may be frequent retail trading in the short term, but in the end will bring a certain degree of stability.” He said.
In the past year, bitcoin fluctuations on the maximum is about 10% compared with the traditional currency — is not stable, but the rate has been less than 40% times in 2013.
Bitcoin prices rose 125% in 2016, more than any one currency. This advantage is sustained since 2010 so far. The S & P 500 stock index rose 9.5% last year.