Bitcoin spikes to an all-time high
Bitcoin is trading at a record high. The cryptocurrency is up 2.9% at $1,330 a coin as of 10:17 a.m. ET.
2017 has been a volatile year for bitcoin. It rallied more than 20% in the opening week before crashing 35% on word that China was going to begin to crack down on trading.
The cryptocurrency rallied after China's largest bitcoin exchanges introduced a flat 0.2% fee on each transaction and blocked customer from withdrawing their coins form their trading accounts.
It pressed to its previous all-time high of 1327.19 on March 10, just hours before the US Securities and Exchange Commission rejected the Winklevoss ETF, which sparked a 30% crash. The SEC also rejected the plans of another ETF.
The cryptocurrency has managed to shrug off concerns that developers would create a "hard fork" that would split the currency in two.
However, bitcoin has gained momentum as of late as Japan's financial regulator said it's a legal payment method and Russia said it was looking into approving bitcoin in 2018. Additionally, the SEC said it would reconsider the Winklevoss ETF.
Bitcoin has been the top-performing currency every year since 2010, except for 2014. It's up 40% so far in 2017.
