Bitcoin hits new record, surpasses $67,000
Bitcoin has surpassed its previous all-time high of $67,352.59, before easing back, last reached on November 9, 2021, after the Securities and Exchange Commission approved the first spot Bitcoin ETF earlier this year making it more accessible to investors.
The largest cryptocurrency by market value is up over 30% this year, outpacing the S&P 500's nearly 8% rise.
Sentiment for the cryptocurrency reignited after the SEC approved the first spot bitcoin ETF on Jan. 10.
Eleven funds hit the market shortly thereafter, including BlackRock's iShares Bitcoin Trust. The fund's assets topped $10 billion through Monday. The firm itself is the world's largest money manager with over $9 trillion in assets.
These ETFs allow investors to efficiently track the price of bitcoin, in which volatility and swings are not uncommon. It gives registered financial advisers the option to offer the asset to customers. Additionally, Main Street investors can buy it more easily through a traditional brokerage account.
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Other bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck and Grayscale.