Bitcoin hits $57K, highest since 2021

Like U.S. stocks, Bitcoin has had a great start to the new year, hitting a two-year high as experienced investors return with a new crowd.

The largest cryptocurrency by market value has surpassed $57,000, the highest since 2021, according to CoinDesk tracking. Although it is up nearly 30% for the year, it is still below its all-time high of $67,352.59 on November 9, 2021. By comparison, the S&P 500 is up 6% over the same period.

The Securities and Exchange Commission’s approval of the first spot Bitcoin ETF on January 10 reignited sentiment towards cryptocurrencies. This allows investors to efficiently track Bitcoin’s price, which is prone to volatility and fluctuations. This gives registered financial advisors the option to offer assets to their clients.

How Bitcoin ETFS works

Eleven funds came to market. On Monday, nine of them had a total daily trading volume of $2.4 billion, most of which was led by BlackRock’s iShares Bitcoin Trust, according to Bloomberg. The fund’s assets exceeded $7 billion by Monday. The company itself is the world’s largest asset management company with over $9 trillion in assets.

Live Crypto Prices: FOXBUSINESS.COM

Robinhood, one of the brokerages offering 11 of these ETFs, said there is “high interest in the ETFs” mentioned in the February earnings call.

“We think this will increase market-wide interest in cryptocurrencies and also bring liquidity to the market,” said Robinhood Chief Financial Officer Jason Wernick. I’m satisfied.”

Other Bitcoin ETFs are offered by WisdomTree, Fidelity, and Grayscale.