January 29, 2023

Bitcoin set a new record of over $ 65,000 after the launch of the US ETF

Visual Representation of Bitcoin.

STR | NurPhoto via Getty Images

Bitcoin Wednesday reached a new all-time high, with investors excited about the successful launch of the first US Bitcoin futures exchange-trading fund.

The world’s largest cryptocurrency rose about 3% to $ 66,024.99 at 10:10 a.m., breaking the previous record of $ 64,899 in mid-April.

The misconceptions of a reputable trader also increased the sentiment. Millionaire investor Paul Tudor called Jones Crypto his favorite inflation hedge On top of gold.

“Bitcoin is a great hedge. Crypto would be a great hedge,” Jones told CNBC. “Squawk box” On Wednesday. “Crypto has a plan that is currently clearly winning the race against gold … I think it will be on a very good inflation hedge as well. This time it will be one of my favorites over gold.”

Ethereum And rose more than 4% to cross the $ 4,000 level. The world’s second-largest cryptocurrency traded at $ 4,005.91, hitting a high of 4,380 in May.

The ProShares Bitcoin Strategy ETF, Which monitors futures contracts for Bitcoin, which predict the future price of cryptocurrency. Almost 5% higher Tuesday is the first day of trading.

Not everyone in the crypto market is impressed. Many Bitcoin investors prefer an ETF that monitors spot prices over the future.

New investors had to catch words like “kondango” where the future price of an item is higher than its spot price, and “lagging”, which is basically the opposite.

“Most products are great, but I do not see you investing in futures market based bitcoin ETFs.

“It’s not like oil or livestock that most investors can physically hold. It’s like gold that can be easily kept.

However, this is a sign of the new crypto industry that has long insisted on the greater acceptance of bitcoin and other digital currencies on Wall Street.