At the time, bitcoin's year-to-date gains were only 19%. Some good news came in April when Japan declared bitcoin a legal currency. The SEC cited the fact that bitcoin is traded on unregulated markets, which means the SEC wouldn't be able to prevent fraud or market manipulation.īitcoin went from trading near $1,300 on March 6 to a low of $935 on March 24. That came to a halt when the Securities and Exchange Commission denied a bid for a bitcoin-linked exchange-traded fund by Tyler and Cameron Winklevoss. Bitcoin retested its old gains after anxieties over China wore-off. The selling followed reports that the People's Bank of China warned investors to exercise caution when investing in virtual currencies.īack then, more than 90% of bitcoin trading occurred in Chinese yuan and bears rushed the market sending bitcoin down to a low of $786 from a high on January 3 near $1,300. The coin got demolished after China announced it had begun investigating bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing and other issues. Bitcoin kicked off 2017 on a negative note. Here's a look back at bitcoin's journey in 2017: As for its future price, some bulls see it going higher than $20,000 in 2018. Already bitcoin futures have begun to trade on major markets - allowing investors to bet on its price without holding the coin itself. Yet, as we enter the new year it appears the digital currency will continue to mature as a recognized asset class on Wall Street. That climb was marked by extreme volatility, multiple splits in its network, and naysayers who derided it as a fraud and toy for criminals. The digital currency, which started the year under $1,000, has skyrocketed by more than 1,300% to more than $14,500 by December 29 - a rise that's grabbed the attention of Wall Street.
To say bitcoin had a wild 2017 would be an understatement.
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