As investors hailed the successful launch of the first U.S. bitcoin futures exchange-traded fund, bitcoin hit a new all-time high.
According to Coin Metrics, the world’s largest cryptocurrency rose 3.9 percent to $66,398.25 at 4 p.m. ET. The coin hit a new intraday high of $66,900 on Wednesday, breaking the previous high of $64,899 established in mid-April.
Ethereum also climbed 7.4 percent to reclaim the $4,000 mark. The second-largest cryptocurrency in the world traded at $4,104.61, close to its all-time intraday high of $4,380 set in May.
Win Thin, global head of currency strategy at US bank Brown Brothers Harriman, said, “The introduction of the Bitcoin futures ETF represented an important milestone for the sector.” “We see it as an undeniably positive step for the crypto business, and the market appears to agree,” says the author.
The approval of the ProShares ETF, which includes futures that track the price of bitcoin, has ushered in a slew of new filings.
The US Securities and Exchange Commission’s decision not to reject the ProShares fund was interpreted as a hint that major worldwide authorities are getting more comfortable with crypto-backed products, even if they remain wary of the industry in general.
The crypto market was not unanimously positive. Several bitcoin investors seek an exchange-traded fund (ETF) that monitors spot prices instead of futures. Despite this, many top investors are skeptical about cryptocurrencies due to their high volatility.
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