Bitcoin is hovering near all-time highs

Bitcoin on Friday pulled back slightly from the all-time highs it reached a day earlier.

The cryptocurrency surpassed its previous record on Thursday, amid the expectation that the US Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds by a March 11 deadline. Analysts have warned that the SEC's decision is uncertain.

Around 8 a.m. ET on Friday, Bitcoin traded up 5%, or $11.704, at $1,175.8 a coin.

Bitcoin surged more than 20% in the first week of 2017 amid heavy buying interest from China. Then, the price tumbled 35% when traders feared that China would crack down on the market.

The cryptocurrency rallied after bottoming near $750 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.

Get the latest Bitcoin price here.