New York CNN —Bitcoin surged to an all-time high Tuesday, shaking off a more-than-two-year rut that had put the future of the entire crypto ecosystem in question.
Bitcoin, the world’s oldest — and by far the largest — digital currency, traded above $69,000 Tuesday morning, topping the previous record of $68,789 reached on November 10, 2021, according to CoinMarketCap.
Over the past several months, bitcoin’s rally has been turbocharged by US regulators’ approval of exchange-traded funds pegged to the digital asset, which created an on-ramp for more traditional investors to incorporate bitcoin into their portfolios.
That approval took years of lobbying by crypto firms, and was granted only grudgingly by the Securities and Exchange Commission after a court ruled the regulator’s reasons for rejecting bitcoin ETF applications were “arbitrary and capricious.” READ MORE...
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