UK markets close in 49 minutes

Bitcoin busts out to an all-time high

Jonathan Garber

(Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.Reuters/Bobby Yip)
Bitcoin is trading at a record high. Buying on Thursday has the cryptocurrency up 3%, or $33.37, to $1162.68 a coin, and on track for its 10th straight day of gains. Its previous all-time high of $1,161.88 was set on January 5. 

Buyers have been piling into bitcoin in anticipation the US Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds by a March 11 deadline. Analysts have warned that none will be approved. 

The current rally in bitcoin has run the price up more than 17% and has been the latest chapter in a volatile start to the year. Bitcoin surged more than 20% in the first week of 2017 amid heavy buying interest from China. Then, the price crashed 35% amid fears China was going to crack down on trading.  

After bottoming out near $750 a coin, the cryptocurrency rallied despite news that China's largest exchanges would begin charging a flat fee of 0.2% on all transactions and that two of China's largest bitcoin exchanges were blocking withdrawals  


(Markets Insider)

NOW WATCH: The US government just sank a giant ship on purpose — and the footage is amazing

More From Business Insider