Bitcoin price hits all-time high, one day after U.S. ETF debut
Global News
The world's leading cryptocurrency was trading at US$65,977.40 at 9:57 a.m. ET. It hit its previous all-time high of US$64,895.22 on April 14 this year.
Bitcoin surpassed its all-time record high on Wednesday, one day after the first U.S. bitcoin futures-based exchange-traded fund (ETF) made its debut on the New York Stock Exchange.
The world’s leading cryptocurrency was trading at US$65,977.40 at 9:57 a.m. ET. It hit its previous all-time high of US$64,895.22 on April 14 this year.
It reached a high of US$64,499 on Tuesday, late in the U.S. session.
Tuesday was the first day of trading for the ProShares Bitcoin Strategy ETF — a development that market participants say is likely to drive investment into the digital asset.
The ETF closed up 2.59 per cent at US$41.94 on Tuesday, with around US$1 billion worth of shares trading hands on Intercontinental Exchange Inc’s ICE.N Arca exchange.
It was trading around 0.2 per cent higher before the market opened.
Trading appeared to be dominated by smaller investors and high-frequency trading firms, analysts said, noting the absence of large block trades indicated that institutions were likely staying on the sidelines.
James Quinn, managing partner at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the launch of the new product was “meaningful” for bitcoin.
