Bitcoin, the world’s largest cryptocurrency, climbs more than 2% to $65,607.92, topping a previous record of $64,899 set in April.
A banner for the newly listed ProShares Bitcoin Strategy ETF is displayed on the floor of the New York Stock Exchange on Oct. 19, 2021.Bitcoin notched a fresh all-time high on Wednesday as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund.
Bullish comments from a legendary trader also boosted sentiment. Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold. The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures contracts speculating on the future price of the cryptocurrency, rose nearly 5 percent on its first day of trading Tuesday.
Novice investors have had to get to grips with terms like “contango,” where the futures price of a commodity is higher than its spot price, and “backwardation,” which is essentially the opposite.
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