Bitcoin just surged above $1,300 before crashing back down

Courtney Goldsmith
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Bitcoin's rise continues (Source: Getty)

The price of cryptocurrency bitcoin just surged before crashing back down.

The currency flew to surpass $1,300 and hit a new record high of $1,365, before falling back down to below $1,100, according to one index.

The rollercoaster price comes as investors speculate over whether the US Securities and Exchange Commission (SEC) will approve one of three bitcoin-focused exchange-traded funds (ETFs). The decision is due today.

It's not clear whether the spike had to do with a leak regarding the ruling.

Read more: Bitcoin could reach £3,000 by the end of the year

Approval of any of the three funds, one of which is founded by the Winklevoss twins, best known for their part in the founding of Facebook, will be a step toward the mainstream for bitcoin as new doors are opened and buying becomes easier.

Charles Hayter, chief executive and founder of CryptoCompare said, "The general feeling is that an ETF will happen - the question is what game the SEC is going to play in order to ensure its reputation stays intact - if they refuse the Winklevii they are taking out the leaders in the pack."

Read more: Bitcoin is now worth more than gold

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