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05.11 - 17:15
Bitcoin: Why its value has rocketed once again
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moneycontrol.comBitcoin’s journey into mainstream finance has reached another major milestone – and another record price. The cryptocurrency was trading at US$66,975 (£48,456) following the launch of an exchange traded fund (ETF) in the US which has dramatically increased bitcoin’s exposure to investors.
The fund, which opened on October 19, allows investors to speculate on the future value of bitcoin – without actually owning it. It is the first time investors have been able to trade an asset related to bitcoin on the New York Stock Exchange, and was preceded by much media attention and hype in financial markets.
It began trading at US$40 (£29) a share and finished the day up 5% with some US$570 million (£412 million) of assets, making it the second most
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