Bitcoin climbs to record high after futures-based ETF debut

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 of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides.