Story: Cryptocurrency Bitcoin surge above $66,000 ; 10-20-2021;
Bitcoin makes astonishing jump with above $66,000.
World's one of the first and most well-known cryptocurrency Bitcoin on Wednesday surprisingly surged above $66,000 market cap. The digital currency, that was created in January 2009, is virtual money that is secured by cryptography.
• Bitcoin is an open source censorship-resistant peer-to-peer, immutable network.
• Invented by Satoshi Nakamoto, Bitcoin, built on a technology called the Blockchain.
The price of bitcoin hovered just below its all-time high on Tuesday, continuing an almost one-month rally, at least partly driven by enthusiasm around the launch of a bitcoin futures-based exchange-traded fund (ETF) this week.
The news electrified demand for the cryptocurrency, which scaled an all-time pinnacle of $66,976 in London on Wednesday.
The virtual unit, created 13 years ago and long regarded as the preserve of internet geeks and hobbyists, has been embraced by many major banks.
The new fund is a more accessible vehicle that puts bitcoin within the grasp of even more investors.
“Interest in bitcoin in the wake of yesterday's new ETF launch has helped to push the cryptocurrency to a new record high,” said CMC Markets analyst Michael Hewson.
Bitcoin is more or less mainstream already, with various banks offering clients exposure to it.