Bitcoin, the largest cryptocurrency by market value, reached an all-time intraday high of $68,999.99 on November 10, 2021, and has recently surpassed the $67,000 mark once again. This surge in value has been fueled by increased accessibility to investors, following the approval of the first spot bitcoin ETF by the Securities and Exchange Commission earlier this year.
The approval of the bitcoin ETF has reignited sentiment for the cryptocurrency, leading to a more than 30% increase in value this year, outpacing the S&P 500's rise of nearly 8%. The ETF, such as BlackRock's iShares Bitcoin Trust, allows investors to efficiently track the price of bitcoin, which is known for its volatility and price swings. This makes it easier for registered financial advisers to offer the asset to customers, as well as for Main Street investors to purchase it through a traditional brokerage account.
In addition to BlackRock, other companies such as Ark Investments, WisdomTree, Fidelity, Van Eck, and Grayscale have also introduced bitcoin ETFs to the market. These ETFs have seen significant growth in assets, with BlackRock's fund surpassing $10 billion in assets through Monday. BlackRock itself is the world's largest money manager, with over $9 trillion in assets under management.
Overall, the rise in bitcoin's value and the introduction of bitcoin ETFs have generated excitement in the cryptocurrency market. Investors are closely monitoring the performance of bitcoin and these ETFs, as they provide a new way to invest in the digital asset. It remains to be seen how this increased accessibility will impact the future of bitcoin and the broader cryptocurrency market.