Bitcoin is climbing again—up 6% in 24 hours—after having slowed down with its monumental climb last week. At the time of writing, it was trading at $63,609.41, according to CoinGecko.
The biggest cryptocurrency by market cap hit a new all-time high last week of $67,276.79. This was because the first Bitcoin-related exchange-traded fund (ETF) started trading on Wall Street—something investors and the crypto community had been eagerly anticipating for years (or at least, something close to it).
The Bitcoin futures ETF (one that trades shares that represent contracts betting on the price of Bitcoin) by ProShares traded $280 million-worth of shares in 20 minutes. By the end of the trading day, it had done $1 billion—nearly breaking the record for a debuting ETF.
This pushed the price of Bitcoin up following a trading frenzy. But following the launch of the ETF, and once traders came down from the euphoria of the launch, the price of Bitcoin dipped to as low as $60,405 on
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