Bitcoin tops $60K, racing toward all-time high

Like U.S. stocks, Bitcoin is having a great start to the new year, approaching new records as experienced investors return with a new crowd.

The largest cryptocurrency by market capitalization surpassed $60,000, returning to its all-time high of $67,352.59 set on November 9, 2021, the highest since 2021 tracked by CoinDesk.

The index is up more than 30% for the year, outpacing the S&P 500’s 6% rise.

The Securities and Exchange Commission’s approval of the first spot Bitcoin ETF on January 10 reignited sentiment towards cryptocurrencies.

“We believe the Spot Bitcoin ETFs are the main driver. Excluding the Grayscale Bitcoin Trust (GBTC), these ETFs have seen over $6 billion in inflows since their release in early January.” said Roksanna Islam, head of sector and industry research at VettaFI. fox business.

These ETFs allow investors to efficiently track the price of Bitcoin, where volatility and fluctuations are not uncommon. 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 Ark Investments, WisdomTree, Fidelity, Van Eck, and Grayscale.