Bitcoin Approaches Record High
As the first U.S. bitcoin ETF closes out its first trading session, bitcoin grinds higher, nearing the record high.
After slumping in the morning, bitcoin trended higher through the late morning and afternoon, coming within 1% of its all-time high by market close.
Currently, the record high for the cryptocurrency was recorded on April 14, 2021. In the months after, bitcoin saw its price fall by over 50%, briefly dipping below $30,000 on July 20.
Since then, cryptocurrency markets such as Bitcoin have been buoyed by increasing adoption, including enthusiasm over the launch of the first U.S. bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO), with more products anticipated.
Ethereum is up 1.8%, less than bitcoin’s 5.0% gain in the prior 24 hours. It is still around 15% off its record high price of $4,379 in May.
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