Why Bitcoin has reached a new all-time high

Bitcoin Pedestal

After a few weeks of oscillations and uncertainties the Bitcoin cryptocurrency has regained an upward trend. The price of Bitcoin has registered a 5% rise to $66,975, in what is an all-time high. This increase in value has taken place after the launch on the Wall Street exchange of an ETF (exchange-traded fund), that is, an investment fund whose value is linked to the price of cryptocurrencies.

The price of Bitcoin has risen by 5% reaching a new all-time high value of $66,975

This investment fund was launched last October 19 under the name Bitcoin Strategy. It is the first fund to list Bitcoin on the New York Stock Exchangewhich has generated a great media buzz and has aroused the interest of investors.

On the day of its debut, the share price per Bitcoin stood at $40 and, in a single day, its value increased by 5%. Thus, the total value of the assets invested in Bitcoin was equivalent to $570 million. With these figures, Bitcoin Strategy becomes the second most successful debut ETF, behind only BlackRock’s cryptocurrency mutual funds.

The impact of this Wall Street startup has significantly influenced the price of Bitcoin. The historical maximum of this cryptocurrency, so far at $64,895has risen to almost $67,000, and has spent several hours around $65,000.

With this trend, the Bitcoin recovers the downturn suffered during the spring and summer. The Chinese government’s decision to veto the use of cryptocurrencies in their country caused the Bitcoin value to plummet below $30,000. In less than a week, the cryptocurrency saw its value depreciate by up to 40%.

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