Cryptocurrency enthusiasts are celebrating after Bitcoin hit a record high.
Bitcoin is worth more now than any time in its history, soaring to above $65,000 on Wednesday. The new high surpassed the cryptocurrency’s previous record of $64,895, which was set in April before regulatory jitters drove down its value.
Ethereum has also been gaining over the past several weeks.
Bitcoin’s record high comes after the first bitcoin-linked exchange-traded fund was debuted on Tuesday. The ProShares Bitcoin Strategy ETF tracks contracts speculating about the future price of Bitcoin rather than being tethered to the actual value of Bitcoin.
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After skyrocketing in value from about $29,000 to its previous April high, the price of Bitcoin began collapsing after Tesla CEO Elon Musk announced that his company was suspending the use of Bitcoin to purchase vehicles out of environmental concerns and China implemented new regulations for miners and exchanges.
The headline cryptocurrency’s value plunged to below $30,000 in late July before it began rising once again. After reaching above $51,000 in early September, it fell once more by about $10,000 before beginning its current rally that led to Wednesday’s record.
The new high shows that the value of Bitcoin has been increasingly insulated from new regulatory concerns. The record price comes even after the People’s Bank of China said all cryptocurrency transactions are now banned and services offering trading for cryptocurrencies and overseas cryptocurrency exchanges would be outlawed along with mining.
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Meanwhile, El Salvador recently drew headlines back to Bitcoin when it became the first country in the world to declare the digital asset legal tender. The Salvadoran government has invested more than $225 million in dozens of Bitcoin ATMs across the country and has offered early adopters of the national wallet system $30 worth of free Bitcoin.
