Bitcoin breaks all-time high

The price of Bitcoin reached an all-time high today.

The price of bitcoin hit a fresh all-time high for the first time in over six months this Wednesday morning, October 20, as investors rallied around the blockbuster debut of the first-ever bitcoin cryptocurrency futures exchange-traded fund.

The price of bitcoin jumped more than 4% to $66,140 shortly before 10 a.m. EDT this morning, surpassing a record high of about $64,800 set on April 14. The record comes after a very positive October for bitcoin as it began the month valued at around $43,000, gaining almost half its price over again since.

With this latest boost, bitcoin prices have now skyrocketed nearly 20% over the past week amid fervour for the debut of the ProShares Bitcoin Strategy ETF, which posted roughly $1 billion in volume and rose 4.7% during its first day of trading on Tuesday, October 19.

New exchange-traded fund “supercharges” the price of the cryptocurrency.

The first-ever bitcoin futures exchange-traded fund launched in the US on Tuesday, in what was touted as a major milestone for the crypto industry that could push it to new record highs.

The ProShares ETF debut on the New York Stock Exchange opened up the market to a new swathe of traders and investors who are interested in cryptocurrencies but are unwilling to buy and sell the tokens directly through exchanges like Bitcoin Up. It offers a more regulated structure for traditional investors, through platforms they are more familiar with.

Read more:

Can Bitcoin Eliminate Poverty?

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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.