Bitcoin hit a new all-time high on Wednesday, boosted by the successful launch of the first bitcoin futures exchange-traded fund in the United States. By 2:10 p.m. ET, the world's largest cryptocurrency had risen over 4% to $66,457.74, breaking the previous high of $64,899 established in mid-April. A famed trader's bullish comments lifted spirits on Wednesday. Paul Tudor Jones, a billionaire investor, stated that crypto is his favorite inflation hedge above gold.
Investors praised the Proshares Bitcoin Strategy ETF (BITO), which debuted on the New York Stock Exchange (NYSE) the previous session, as the largest cryptocurrency by market capitalization increased by almost 7% on the day. BITO, the first-ever BTC (BTC)-related fund available to US investors, has aided in sweeping crypto prices higher in a swift surge, pushing the digital coin as high as $66,928.67 in early trades. Retail investors have been screaming for a fund based on spot prices to better serve them. The SEC chose to approve BITO first because, as futures-based products, they are protected by a 1940s legislation act that provides greater protection to investors.
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