Bitcoin surges to new record above $66,000

By Paul R. La Monica, CNN Business

The bitcoin bull market is showing no signs of slowing down. Bitcoin, the world’s most valuable cryptocurrency, hit a new all-time high of nearly $67,000 Wednesday, topping the previous record set in April.

Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September.

The pop has been fueled by renewed hopes that regulators in the United States would not crack down on cryptocurrencies, support from big investors such as George Soros and the launch of the first exchange-traded fund tied to bitcoin futures.

The ProShares Bitcoin Strategy ETF, which began trading on Tuesday, rose 3% Wednesday morning.

Some investors are now predicting even bigger gains for bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase CEO Jamie Dimon, who recently called bitcoin “worthless.”

“Given the price momentum we are seeing on the back of bitcoin’s ETF, we believe that bitcoin can easily go all the way to [$100,000] by the end of this year,” Naeem Aslam, chief market analyst with AvaTrade, said in a report Wednesday.

The-CNN-Wire
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