Bitcoin Price Hits New All-Time High Amid Futures ETF Trading

[Jaya60]

The price of Bitcoin has broken an all-time high today amid the launch of Bitcoin futures ETF trading yesterday.The price of Bitcoin has risen 3% over the last 24 hours to surpass its previous all-time high of $64,804.72, set on April 14. At press time, the leading cryptocurrency is trading at $64,872.47, according to CoinGecko.

BTC has been charging upward since bottoming out at just below $30,000 on July 20. Much of that price movement has come since the end of a lackluster September; it's up nearly 50% in that period. The working theory is that Bitcoin's price rose mainly due to the prospects of the U.S. Securities and Exchange Commission (SEC) permitting a Bitcoin futures ETF proposal to go through—for the first time. However, the price stalled over the weekend after it became clear the SEC would allow the ProShares Bitcoin Strategies ETF—which is backed by Bitcoin futures—to begin trading on Tuesday.more information