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Bitcoin is set high and exceeds $ 66,000 with the excitement of mainstreaming | WGN Radio 720

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File – This May 12, 2021 file photo shows an ad for the cryptocurrency Bitcoin displayed on a tram in Hong Kong. Cryptocurrencies have surged to about $ 2.5 trillion in total, comparable to the size of G7 economies like Canada and Italy, which have more than 200 million users. That size is too big for financial institutions to ignore. Increasingly, companies that cater to the wealthiest families in the world are cryptographicizing some of their property. Hedge funds trade Bitcoin, which is being serviced by well-known banks around it. And at the latest milestone in the industry, the easy-to-trade funds associated with Bitcoin began trading on Tuesday, October 19, 2021. (AP Photo / Kin Cheung, File)

New York (AP) — Bitcoin jumped to a record high on Wednesday morning, surpassing $ 66,000. This is because we are riding a wave of excitement for further mainstreaming by financial institutions.

Bitcoin was trading at $ 66,109 at 10:04 EST. After falling below $ 30,000 during the summer, it recovered to break the previous record set in April. So far, the highest price was close to $ 64,889, according to Coindesk.

The day before, the first Bitcoin-linked exchange-traded fund attracted a great deal of interest from investors looking to enter the rapidly growing field of cryptocurrencies. The shares of ProShares BitCoin Strategy ETF have reached 24.1 million people with an overwhelming debut.

ETFs do not invest directly in Bitcoin. Instead, it invests in the Bitcoin-related futures market, but the industry sees ETFs as a way for new classes of investors to join Bitcoin.

Bitcoin is set high and exceeds $ 66,000 with the excitement of mainstreaming | WGN Radio 720

Source link Bitcoin is set high and exceeds $ 66,000 with the excitement of mainstreaming | WGN Radio 720

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