Bitcoin soared above $6,900 despite regulatory warning

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  • The price of bitcoin, the red-hot digital coin up more than 550% this year, soared past $6,900 to $6,916 Wednesday evening, according to data by Markets Insider.
  • The rally comes ahead of a warning by the Securities and Exchange Commission on initial coin offerings, a cryptocurrency-based fundraising method.
Bitcoin blew past $6,900 Wednesday even after the Securities and Exchange Commission warned investors about certain cryptocurrency endorsements.
The red-hot digital currency traded at an all-time high of $6,916 per coin, according to Markets Insider data, on Wednesday. The rally followed a price spike triggered by the announcement of the potential launch of a bitcoin-linked financial product by exchange giant CME on Tuesday. The coin is up more than 550% this year.
The upward march continued Wednesday evening despite a warning by the SEC about initial coin offerings, a red-hot fundraising method.
ICOs, according to fintech analytics firm Autonomous NEXT, have raised more $2 billion this year. A number of celebrities from champion boxer Floyd Mayweather , to Paris Hilton have supported ICO projects in recent months. But the SEC said Wednesday that such endorsements do not mean that such investments are sound. Here's the agency (emphasis theirs):
Read More:: Bitcoin is skyrocketing because 2 of the biggest exchange groups in the world are launching bitcoin futures
"Celebrities, from movie stars to professional athletes, can be found on TV, radio, and social media endorsing a wide variety of products and services - sometimes even including investment opportunities. But a celebrity endorsement does not mean that an investment is legitimate or that it is appropriate for all investors. It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment."
A number of countries, including China, have deemed ICOs illegal because startups have used the method to raise quick money without disclosing substantive information to investors.
Bitcoin soared above $6,900 despite regulatory warning Bitcoin soared above $6,900 despite regulatory warning Reviewed by Jeff on November 02, 2017 Rating: 5

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