Bitcoin Price Spikes Above $1,300 As ETF Outcome Nears

Bitcoin prices saw a significant price spike this morning, briefly shooting above $1,300 to hit a new all-time high.

Markets peaked at an average of $1,325.81, according to the CoinDesk Bitcoin Price Index (BPI), before falling sharply back below that level to hit a daily low of $1,178.54 – a change of roughly $133 within minutes. The price drop appears to have been seen most directly on digital currency exchange Bitfinex, reaching a low of $1,067.20, according to BFXData.com

At press time, the price is an average of $1,263.98, BPI data shows.

The price developments come as the US Securities and Exchange Commission nears a decision on a rule change that would clear the way for a proposed bitcoin exchange-traded fund (ETF). That decision is expected today, though as of press time, the agency has yet to release any information regarding the ETF.

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Update: This article has been updated to reflect that the price of bitcoin fell to a low of $1,067.20 on Bitfinex during the market drop.