Bitcoin Price Makes a New All-Time High, Soars to $67,000

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Principal Points:

• The price of bitcoin hits a new all-time high, climbs to $67,000 amid increased optimism
• Cryptocurrencies broadly enjoy tailwinds, market value tops $2.6tn for the first time

What’s Moving in the Markets?

Bitcoin’s price rallied to a new high Wednesday, boosted by increased buying after the first Bitcoin-linked ETF started trading. Bitcoin reached a session high of $66,980, or even $67,000 according to some exchanges. The price level surpassed the previous high of $64,800 made on April 14.

Moreover, the jump in the price of the leading digital currency was accompanied by a broader move higher. Cryptocurrency trading continues to expand with new members every day. Collectively, the digital asset space surged to a new market cap record of $2.6tn. In other words, the total value of all digital assets eclipsed its previous high of $2.5tn.

Recently, the crypto market has enjoyed elevated optimism and high hopes for the future. After the ProShares Bitcoin Strategy ETF landed on Wall Street, prospects for crypto have improved even further.

On that front, Wall Street is now able to invest in bitcoin in a regulated environment. However, the ETF product offers Bitcoin futures and not actual Bitcoin.

What’s the Big Picture for Traders?

More broadly, traditional money managers expect other bitcoin futures ETFs to make their debut on the stock market. Now that the door to crypto has been opened, analysts say it’s a matter of time before cryptos joined traditional markets. Moreover, investment banks, hedge funds and other financial institutions are eager to hop on the crypto bandwagon.

That said, most Wall Street mainstays are awaiting clear-cut regulations before diving into the crypto realm. For this to happen, the Securities and Exchange Commission, headed by Gary Gensler, is working to hammer out rules and requirements. They are expected to allow digital assets to arrive safely in mainstream markets.

What to Watch in the Markets?

In other parts of the broader financial markets, stocks in the US are trading near their record highs. In more detail, the broad-based S&P500 notched its fifth straight day of gains Wednesday. The Dow Jones Industrial Average also finished the day in the green.

In shares trading, Tesla shares slipped about 1.6% in after-hours trading after the company released its earnings report. Third-quarter results for the EV maker came in better-than-expected. Revenue soared 57% to $13.8bn. Net profit was $1.6bn, the highest ever.

In forex trading, the US dollar continues to decline against major currencies. The EUR/USD, for example, is trading near a one-month high above 1.1600. The GBP/USD is now at a five-week high near 1.3800. On the other hand, gold prices have climbed modestly. The precious metal jumped to $1,790 earlier today after two straight days of gains.

Economic Data Coming Up Today (EST times)

Traders and investors today will be looking for fresh jobless claims data. Filings for unemployment benefits for the previous week are projected to remain low as the US economy continues on its upward trajectory. The report will arrive today at 08:30 am.

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