Wednesday, July 6, 2022

Bitcoin hits new historic high


Hailey Warner
Hailey isn't the biggest fan of Winter, but she's doing her best to embrace the cold weather and snow. You can find her trying out new recipes, playing squash or writing editorials.

Bitcoin broke the all-time high record by exceeding the historical peak seen in April as Bitcoin prices rose to the historical peak of $66,000.

The first exchange-traded fund (ETF) based on Bitcoin futures contracts in the USA started trading on the New York Stock Exchange. ProShares’ Bitcoin Strategy ETF, traded under the code “BITO”, is up over 4 percent in its first trading day.

At the beginning of the year, a bitcoin cost 29,000 dollars. Now a bitcoin costs around 66,000 dollars. It is the highest bitcoin exchange rate since the digital coin was invented and circulated online in 2009.

This week, it will be possible to invest in exchange-traded funds (ETFs) for bitcoin futures in the USA. This has been pointed out by several as a driving factor for the recent price increase.

On Friday last week, the applications from the companies Proshares and Invesco were approved by the New York Stock Exchange and now only formal approval remains from the American Financial Supervisory Authority SEC.

Jon Cunliffe, Deputy Governor of Financial Stability at the Bank of England, has warned that cryptocurrency could lead to an economic meltdown in line with the 2008/2009 financial crisis.

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