The wild swings in bitcoin continue.
The cryptocurrency rallied 9% to an all-time high above $ 1,652 a coin on Thursday morning, but has given up virtually all of those gains over the past hour. Bitcoin now trades up 1.5% at $ 1,537.41 a coin. It plummeted as low as $ 1,498 after putting in its record high.
Bitcoin’s volatility comes as traders continue to wait on the US Securities and Exchange Comission’s ruling on whether or not it will reverse its decision to the reject the Winklevoss ETF. A decision is due by May 15.
Back in March, the SEC rejected the plans for 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 overcome China restricting trade, the SEC’s rejecting of two bitcoin ETFs, and threats from developers of creating a “hard fork” that would split the cryptocurrency in two to post a 61% gain so far in 2017.
It’s been the top performing currency every year since 2010, aside from 2014.