Bitcoin hit $72,166 in early trading on Monday, just days after it surpassed a previous high of nearly $69,000 from November 2021.
The publicly listed assets enable traders to essentially invest in cryptocurrency but without the inconvenience and technical challenge of acquiring a crypto coin itself. After the SEC approved Bitcoin ETFs, the price of bitcoin vaulted upward, drawing fuel from an inflow of fresh investment. In the immediate aftermath of the bitcoin ETF approval, for instance, the price of bitcoin dropped 15% before rebounding. Over the past five years, bitcoin has plummeted more than 40% on four separate occasions, Armour previously told ABC News.
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