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Bitcoin's Price Sets New All-Time High
The price of bitcoin has hit a new all-time high, according to the CoinDesk Bitcoin Price Index (BPI).
By Stan Higgins
Updated Sep 11, 2021, 1:16 p.m. Published Apr 27, 2017, 3:25 p.m.
The price of bitcoin has set a new all-time high on the CoinDesk Bitcoin Price Index (BPI).
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Prices hit a high of $1,330.72 at press time, surpassing the previous all-time high of roughly $1,325.81 set on 10th March in the run-up to what was ultimately a rejection of a proposed bitcoin exchange-traded fund (ETF) by the SEC.
At press time, the price had edged up past the $1,330 mark.
The boost comes amid an increasingly active time for the industry as it relates to public markets, as the SEC has since revealed that it is reviewing a petition submitted by the Bats BZX Exchange that will find it reconsidering the listing of the Winklevoss Bitcoin ETF.
The price move caps a bullish month for the digital currency, which on 1st April averaged just under $1,100, an increase of roughly 20% in just a span of weeks.
However, the event coincides also with developments in the bitcoin exchange sector that suggest the health of its infrastructure may be wavering.
Bitfinex, BTC-e and OKCoin, three leading exchanges, have all faced banking pressures in recent weeks some analysts believe could be creating artificial price pressures.
Fear index
Elsewhere in the exchange ecosystem, prices are far higher than observed on the BPI, with bitcoin trading at $1,430 on Bitfinex, roughly $100 higher than prices observed on GDAX, a regulated US exchange where the price was $1,331, at one point earlier in the day.
The divergence in pricing began a week ago, but has shown no signs of narrowing.
As for how this is affecting sentiment among Bitfinex exchange users, it seems investor confidence is stabilizing, with the total observed in a cold wallet held by the exchange declining of late.
Also on the decline is the premium buyers at Bitfinex are paying for bitcoin, with the following chart illustrating the price differential between the exchange and another market competitor, UK-based Bitstamp.
As for now, the exchange indicates it is looking for another correspondent bank, though in remarks, the company's representatives have framed this as an uphill battle.
Overall, traders and investors remain optimistic about the long-term price of bitcoin, as well as the health of the market, noting the abundance of available exchanges currently in place to support trading activity.
Launch of Endeavour image via Shutterstock
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