Bitcoin notched a fresh all-time high Wednesday as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund.
The world’s largest cryptocurrency climbed around 4% to $66,474.20 by noon ET, topping a previous record of $64,899 set in mid-April.
“The key here is whether we are able to establish support above $65,000. If we can, the classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months. If sell pressure takes over, though, our next leg up could take a while to materialize,” said Jesse Proudman, CEO of crypto robo-advisor Makara.
Bullish comments from a legendary trader boosted sentiment Wednesday. Billionaire investor Paul Tudor Jones called crypto his preferred inflation hedge over gold.
