Bitcoin blows past $2,500, $2,600, and $2,700

The bitcoin rally just keeps going. Thursday’s action has run bitcoin above $US2,500, $US2,600, and $US2,700 for the first time.

It hit a high of $US2,749 before paring its gains. Currently, the cryptocurrency trades up 11.2%, or $US270, at $US2,682 a coin. It has gained in 27 of the past 30 sessions and has tacked on more than 130% over that time.

Bitcoin has climbed aout 20% since Tuesday’s close, propelled by news that the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York.

The announcement was the latest bit of good news for the cryptocurrency. In early April, Japan announced bitcoin had become a legal payment method in the country. Additionally, Ulmart, Russia’s largest online retailer, said it would begin accepting bitcoin even though Russia had said it wouldn’t explore the cryptocurrency until 2018.

However, the market is still waiting on a ruling by the US Securities and Exchange Commission on whether or not it will overturn its decision on the Winklevoss twins’ bitcoin exchange-traded fund.

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Source: Bitcoin blows past $2,500, $2,600, and $2,700 | Business Insider