Bitcoin officially sets the new all time high: why the price just surged over $65K

Bitcoin, the world’s largest cryptocurrency by market capitalization (now over $1 trillion), has hit a new all-time high above $65,000, gaining +4% only in the last 24 hours. The crypto broke above its previous high of $64,889 reached in April. The latest rally pushed bitcoin’s year-to-date terms to 122%, according to CoinDesk data. 🛡️
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Bitcoin appears to have gotten a push on yesterday from the launch of the ProShares Bitcoin Strategy ETF, the first ETF approved by the SEC to invest in bitcoin futures. Indeed, the new fund, traded on the NYSE under the ticker $BITO, garnered a first-day trading volume of more than $1 billion, ranking it among the most successful launches of all time. 📈
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In the coming weeks, several more bitcoin futures-based ETFs may debut in the U.S., opening up the potential for savvy U.S. crypto investors to partake in what is known as a “cash and carry” arbitrage strategy. These ETFs would buy bitcoin futures contracts, on regulated venues in an attempt to replicate the crypto’s price performance. 🔍