Why did bitcoin hit a new all-time high

After a few weeks of volatility and uncertainty, the cryptocurrency Bitcoin has regained an upward trend. Bitcoin price recorded a 5% rise to stand at $66,975, its highest level ever. This increase in value occurred after the launch of an ETF (Exchange Traded Fund) on Wall Street, that is, an investment fund whose value is linked to the price of cryptocurrencies.

This investment fund was launched on October 19 under the name Bitcoin Strategy. It is the first fund to list Bitcoin on the New York Stock Exchange, causing a huge media frenzy and sparking investor interest.

On the day of its release, the price of each Bitcoin per share was $40, and in one day its value increased by 5%. In this way, the total value of the assets invested in Bitcoin was equivalent to $570 million. With these numbers, Bitcoin Strategy has become the second ETF with a more successful first offering, after BlackRock's crypto funds.

This appearance on Wall Street greatly affected the price of Bitcoin. The historical maximum for this cryptocurrency, so far, at $64,895, has risen to nearly $67,000, and has been around $65,000 for several hours.

With this trend, Bitcoin is recovering from the downturn it suffered during the spring and summer. The Chinese government’s decision to veto the use of cryptocurrencies in its country has caused the value of Bitcoin to drop below $30,000. In less than a week, the cryptocurrency has seen its value drop by as much as 40%.

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