Bitcoin set a new record price this morning by rising above $66,000 per BTC. Coinbase put Bitcoin's price at $66,102 at the time of writing; CoinDesk had it at $66,444. Both price trackers say that's a roughly 7 percent increase—7.19 for Coinbase and 7.53 for CoinDesk—to the cryptocurrency's value over the previous 24 hours.
CoinDesk reported that BTC's rising price likely had something to do with ProShares introducing the first Bitcoin-linked exchange-traded fund (ETF) to receive the U.S. Securities and Exchange Commission's approval to the New York Stock Exchange.
The ProShares Bitcoin Strategy ETF trades on the NYSE under the BITO symbol. Yahoo Finance data shows that its price has risen approximately 9.3 percent at the time of writing; Bitcoin appears to be enjoying the benefits of that favorable debut.
This latest increase means it's no longer fair to compare Bitcoin's price fluctuations throughout 2021 to a roller coaster. Instead, that implies BTC climbed a steep hill, took a massive drop, and then rose again without quite reaching that first peak.
The pieces were all there before: Bitcoin peaked at roughly $64,000 in May before dropping below $30,000 just a month later due to China's ban on mining crypto, among other factors, and then it slowly recovered throughout the summer.
But now BTC pricing has set a new peak, well, the roller coaster analogy no longer works. Perhaps at this point, it would be more accurate to compare Bitcoin's pricing to a trampoline—a massive fall just adds momentum to the inevitable bounce back.
So much for China's ban causing problems for Bitcoin, huh?