Thursday, December 9, 2021

Bitcoin surges above $66,000 as it hits Wall Street

Bitcoin has hit a new all-time high of nearly $67,000 on Wednesday.

• October 20, 2021
Bitcoin
A bitcoin used to illustrate the story

Bitcoin, the most valuable cryptocurrency worldwide, hit a new all-time high of nearly $67,000 on Wednesday. 

The hike in value has been fueled by the launch of the first exchange-traded fund tied to bitcoin futures, as well as hopes that U.S. regulators would not crack down on cryptocurrency trade. The coin also saw a rise in its value after George Soros revealed that he owned some bitcoin. 

The ProShares Bitcoin Strategy ETF, which began trading on Tuesday, rose three per cent on Wednesday morning. On its first day on Wall Street, the ETF began trading at $40 a share under the ticker symbol “BITO” and finished the day up five per cent.

“The ETF approval is a watershed moment for the industry,” Bitcoin Foundation chairman Brock Pierce said to CNN Business. “This moment is long-awaited, as numerous entrepreneurs and firms have sought approval from regulators since as early as 2013.”l

Other digital coins such as Ethereum also climbed more than six per cent, trading above $4,000. The world’s second-largest cryptocurrency went as high as $4,080.84 since last recorded in May.

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