After bottoming out near $750 a coin, the cryptocurrency rallied despite news that China's largest exchanges would begin charging a flat fee of 0.2% on all transactions and that two of China's largest bitcoin exchanges were blocking withdrawals. This is largely due to discrepancies on pricing data provided by various exchanges. Prices across exchanges, and across currencies, are rarely uniform, he said.
Bitcoin came within $3 of its all-time high on Thursday as expectations mounted that the Securities and Exchange Commission could soon authorize the creation of the first bitcoin exchange-traded fund. If approved, this would be the first bitcoin ETF regulated in the US.
The SEC has a deadline of 11 March to rule on whether an ETF created by twins Tyler and Cameron Winklevoss - Facebook investors made famous by the film, The Social Network - will gain regulatory approval.
"Perhaps key would be the institutional money which would flow into bitcoin".