(Bloomberg) Bitcoin is sustaining a record-breaking run, lifted by the unprecedented amounts of capital flowing into crypto products as well as a looming reduction in the digital token’s supply growth.Most Read from BloombergOne of the Most Infamous Trades on Wall Street Is Roaring BackStock Rally Stalls in Countdown to Inflation Data: Markets WrapTech CEOs Are Addicted to Taking Needless RisksChina Has Never Canceled This Many Shipments of US WheatThe original cryptocurrency reached an all-t
Westend61/Getty Images(NEW YORK) Bitcoin is on a tear.The largest cryptocurrency has soared more than 20% over the last four days, approaching an all-time high. By contrast, the S&P 500 has dropped slightly over that period.On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021.The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News. That initial burst of gains, they added, triggered a stampede of investors fearful of missing out on the returns."It s been a wild ride," Katie Stockton, the founder of market research firm Fairlead Strategies, told ABC News.A bitcoin ETF (exchange-traded fund) allows investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the cryptocurrency coin itself.For instance, an ETF for gold allows individual
Westend61/Getty Images(NEW YORK) Bitcoin is on a tear.The largest cryptocurrency has soared more than 20% over the last four days, approaching an all-time high. By contrast, the S&P 500 has dropped slightly over that period.On Wednesday, the price of bitcoin surpassed $64,000 for the first time since November 2021.The upsurge stems primarily from an explosion of investment in bitcoin ETFs, a novel investment vehicle approved by the Securities and Exchange Commission last month, analysts told ABC News. That initial burst of gains, they added, triggered a stampede of investors fearful of missing out on the returns."It s been a wild ride," Katie Stockton, the founder of market research firm Fairlead Strategies, told ABC News.A bitcoin ETF (exchange-traded fund) allows investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the cryptocurrency coin itself.For instance, an ETF for gold allows individual