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Bitcoin tops $67K, continuing climb toward new record

By: FOX Business

March 04, 2024 at 13:26 PM EST

Sentiment for the cryptocurrency reignited after the Securities and Exchange Commission approved the first spot bitcoin exchange-traded fund on Jan. 10.

Bitcoin on Monday surpassed the $67,000 mark last reached in November 2021, continuing to rise toward its all-time high.

The upward momentum comes as the cryptocurrency is more accessible to investors following the Securities and Exchange Commission's approval of the first spot bitcoin ETF earlier this year.

Bitcoin reached an all-time intraday high of $$68,999.99 on Nov. 10, 2021.

The largest cryptocurrency by market value is up over 30% this year, outpacing the S&P 500's nearly 8% rise.

Sentiment for the cryptocurrency reignited after the SEC approved the first spot bitcoin ETF on Jan. 10.

HOW BITCOIN ETFS WORK

Eleven funds hit the market shortly thereafter, including BlackRock's iShares Bitcoin Trust. The fund's assets topped $10 billion through Monday. The firm itself is the world's largest money manager with over $9 trillion in assets.

These ETFs allow investors to efficiently track the price of bitcoin, in which volatility and swings are not uncommon. It gives registered financial advisers the option to offer the asset to customers. Additionally, Main Street investors can buy it more easily through a traditional brokerage account.

LIVE CRYPTO PRICES: FOXBUSINESS.COM

Other bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck and Grayscale.

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