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Bitcoin climbs to record high after futures-based ETF debut

Pandemic-era liquidity, speculative bets & hopes of wider adoption fuel surge

Photo: Bloomberg
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Photo: Bloomberg

Vildana Hajric and Joanna Ossinger | Bloomberg
Bitcoin rallied to a record high after a strong debut by the first U.S. exchange-traded fund investing in Bitcoin futures stoked optimism about the digital asset’s outlook.

The largest cryptocurrency jumped as much as 3.1% to $66,084, surpassing its previous peak from April and taking its 2021 surge to more than 120%. Second-ranked Ether pushed higher as did the wider Bloomberg Galaxy Crypto Index. 

Bitcoin has climbed to its latest high atop a tide of pandemic-era liquidity, speculative bets and expectations of wider adoption by institutional investors. The ride was volatile: the token plunged below $30,000 in June amid criticism

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First Published: Oct 20 2021 | 7:46 PM IST

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