Bitcoin

Bitcoin price RECORD: Today, the cryptocurrency reaches a record high of more than $66,000

Business Finance Technology

Bitcoin’s highest ever price: The cryptocurrency hit a new high of $66,000 on Wednesday morning, riding a surge of optimism about being more mainstreamed by the financial establishment. As of 10:04 a.m. Eastern time, Bitcoin was trading at $66,109. It has recovered from a summer low of under $30,000 to break the previous high set in April. According to Coindesk, the previous all-time high was roughly 64,889 dollars.

The first exchange-traded fund linked to Bitcoin had sparked a lot of interest from investors eager to get into the booming cryptocurrencies industry just a day before. The ProShares Bitcoin Strategy ETF debuted with a bang, selling 24.1 million shares on its first day.

The ETF does not invest in Bitcoin directly. It instead invests in Bitcoin futures, but the industry sees the ETF as a new class of investors to get involved in the cryptocurrency.

The first bitcoin futures-linked fund is listed on the New York Stock Exchange (AFP). With the debut of a new asset related to Bitcoin futures on Wall Street on Tuesday, the cryptocurrency took another step closer to mainstream investing.

ProShares, the market leader in exchange-traded funds (ETFs), a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday to commemorate the occasion.

In its maiden session, the Bitcoin Strategy ETF, which trades under the ticker “BITO,” surged 4.9 percent to $41.94, a much-anticipated event in the world of crypto-money that lifted bitcoin futures.

The fund’s presence aided bitcoin’s return to near-all-time highs. The digital currency was trading at $64,313, less than $600 short of its April high.

Unlike mutual funds, which are only exchanged once a day, ETFs can be traded at any time during the trading day, making them more like individual stocks and growing in popularity among everyday investors.

BITO would invest “mainly in bitcoin futures” rather than directly in the digital currency, according to ProShares.

The Securities and Exchange Commission has frequently rejected ETFs directly tied to bitcoin, citing market manipulation as a reason.

Futures linked to bitcoin could also be volatile, according to SEC Chair Gary Gensler. Still, the ProShares ETF is connected to a futures contract that has been regulated by the Commodities Futures Trading Commission since 2017.

“I believe what you have here is a product that has been overseen for four years,” Gensler said on CNBC, adding that the ETF is subject to SEC authority under long-standing US law.

“So we have some capacity to put it inside investor protection,” he continued, “but it’s still a highly speculative asset class.” “Underneath it all, there’s still that same element of volatility and speculation.”

Valkyrie Investments is one of the funds planning bitcoin-linked ETFs.