Bitcoin soars past $1,700 for the first time

Posted by Business Insider

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Bitcoin

Bitcoin
Bitcoin
 seems unstoppable, topping $1,700 for the first time on Tuesday.

The cryptocurrency trades up 3.45% at $1,720.82 a coin, as trade grinds higher for the 16th time in 18 sessions. It has gained nearly 50% during its run.

Tuesday’s gain comes without any obvious catalyst as traders await the US Securities and Exchange Commission’s ruling on whether it will reverse its decision to reject the Winklevoss twins’ exchange-traded fund.

The SEC rejected two bitcoin ETFs back in March, 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 recently has shrugged off China restricting trade, the SEC’s rejecting of the two bitcoin ETFs, and threats from developers to create a “hard fork” that would split the cryptocurrency in two.

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