Bitcoin Hits All-Time High In ‘Validating Moment’ For Crypto

Story Highlights
  • Bitcoin rallied a record, topping $66,000 for the first time.
  • The first Bitcoin-linked exchange-traded fund was created in the United States on Tuesday.
  • More than 29 million shares were traded.

New Delhi: Bitcoin hit a new high, reaching $66,000 for the first time, as investors hoped for broader acceptance following the successful launch of the first exchange-traded fund for US investors. While the traditionally volatile digital currency spent recent days hovering in a narrow range as it approached its previous April high, the price surged beyond the barrier considerably faster, increasing by nearly a thousand dollars in a minute immediately as stock exchanges in the United States opened. In the little more than a decade of history of cryptocurrency trading, big changes connected to important chart levels have been a typical occurrence.

On Tuesday, the first Bitcoin-linked exchange-traded fund was created in the United States. The ProShares Bitcoin Strategy ETF is the second-most-traded fund in history. More than 29 million shares were traded, totaling more than $1.2 billion in activity on Wednesday.

Last year, the largest digital currency by market value increased by more than 300 percent, and this year, it increased by 95 percent. Critics have questioned whether the asset’s scarcity makes it a good long-term investment. During New York trading hours, bitcoin reached a high of $66,976.

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