Bitcoin Reaches New Record High, Topping $66,000 Bitcoin Reaches New Record High, Topping $66,000

Bitcoin Reaches New Record High, Topping $66,000

After a series of ups, downs, and overall volatility that it’s known for, Bitcoin had reason to celebrate this week. On Wednesday, October 20th, Bitcoin reached a new record high after breaking through the $65,000 mark. Furthermore, as of this writing, BTC is now trading above $66,000. Prior to this, the record was recorded at $64,889 set on April 14th, 2021.

The rise in prices comes as the Proshares Bitcoin Strategy ETF ($BITO) debuted on the New York Stock Exchange. According to Yahoo Finance, this is the first Bitcoin-related fund available to U.S. investors after getting Securities and Exchange Commission (SEC) approval. BITO’s launch made for the second-largest ETF debut ever. While shares of BITO opened at $40, they’re currently trading for upwards of $43.50. Explaining a bit about how the ETF will operate, Bloomberg senior ETF analyst Eric Balchunas told Yahoo Finance, “The daily correlation of BITO to spot Bitcoin is going to be almost perfect,” although he says that it could miss the price of BTC by 5-10% over the course of a few years. Balchunas also noted, “Advisors probably won’t buy it. It’s going to get exciting but that excitement will be driven by traders, not long-term investors.”

Of course, while this most recent rally can likely be attributed to the arrival of BITO, mainstream interest in crypto has been on a long upswing. More recently, the roll-out of several Bitcoin rewards credit cards — including the BlockFI credit card that’s now accepting applications — have bolstered demand. In fact, earlier this year, Visa reported that $1 billion in purchases had been made using crypto-linked cards. Elsewhere, the popular trading app Robinhood is doubling down on crypto by adding wallets to its platform while its competitor Public plans on enabling cryptocurrency trading (including Bitcoin) soon.

While Bitcoin believers may be enthusiastic about this week’s trends, as always, it’s hard to know exactly where BTC prices go from here. Although the continued adoption of crypto would suggest a long-term increase in prices, the asset’s history of dramatic pull-backs could make riding the current wave risky. Then again, risk and volatility are the names of the game when it comes to crypto. So, what will Bitcoin’s next big record be — and when will it hit that milestone? We’ll have to wait and see.

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...