Bitcoin is hovering near all-time highs


bitcoin atm

Reuters/Bobby Yip

Bitcoin on Friday pulled back slightly from the all-time highs it reached a day earlier.


The cryptocurrency surpassed its previous record on Thursday, amid the expectation that 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 the SEC's decision is uncertain.

Around 8 a.m. ET on Friday, Bitcoin traded up 5%, or $11.704, at $1,175.8 a coin.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

Bitcoin surged more than 20% in the first week of 2017 amid heavy buying interest from China. Then, the price tumbled 35% when traders feared that China would crack down on the market.

The cryptocurrency rallied after bottoming near $750 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.


Get the latest Bitcoin price here.

NOW WATCH: Here's how to use one of the many apps to buy and trade bitcoin