Bitcoin soars past $1,700 for the first time

BitcoinMarkets InsiderMarkets Insider

Bitcoin seems unstoppable right now, 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 current streak.

Tuesday's gain comes without any real catalyst as traders await the US Securities and Exchange Commission's ruling on whether or not it will reverse its decision to reject the Winklevoss twins' exchange traded fund.

Back in March, the SEC rejected two bitcoin ETFs, 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 has shrugged off China restricting trade, the SEC's rejecting of two bitcoin ETFs, and threats from developers to create a "hard fork" that would split the cryptocurrency in two to post an 81% gain so far in 2017.

There has been some good news as well.

At the beginning of April, Japan's financial regulators said that bitcoin was now a legal payment method in the country, and days later Russia said it would consider bitcoin and other cryptocurrencies in 2018.

Bitcoin has been the top-performing currency every year since 2010, aside from 2014.

Get the latest Bitcoin price here.

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