Bitcoin price sprints past $66,000 to new all-time high
Bitcoin has shot to a new all-time high today, after the first cryptocurrency-linked exchange-traded fund made its debut on Wall Street.
The cryptocurrency price has climbed north of $66,000, sprinting past its previous record in April this year and taking its 2021 growth to more than 120 per cent.
Arch-rival cryptocurrency Ether also rose, as markets eyed the milestone market debut of investment management firm ProShares’ Bitcoin futures ETF in New York.
ProShares’ new ETF marks a key moment for crypto assets, as it allows retail investors exposure to cryptocurrency, without the risk of buying it directly.
“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider,” ProShares CEO Michael L. Sapir said in a statement on the eve of the ETF’s float.
Bitcoin’s price has been edging up throughout October in a series of surges that have pushed it up by over 50 per cent since the start of the month.
Some analysts predicted that the ProShares drop would “supercharge” the latest crypto price rally.