Bitcoin hits new all-time high of over $66K

Bitcoin soared to a new all-time high of over $66,000 on Wednesday, a day after the launch of the first bitcoin-focused exchange-traded fund in the US.

The cryptocurrency surged as high as $66,100, according to Coindesk. The coin’s previous record price of $64,889 was set in April, but it plummeted below $30,000 in July.

The recent rally has been driven by the trading debut of the ETF on the New York Stock Exchange. The US Securities and Exchange Commission’s approval of the fund has been touted as a watershed moment for the entire crypto industry.

Bitcoin Foundation Chairman Brock Pierce said the launch “begins an era where retail investors can invest directly into Bitcoin through the ETF and serves as further validation of Bitcoin and cryptocurrencies across the country and on a global basis.”

Ether, the second-largest digital currency by market capitalization, has also risen since the launch. According to Coindesk, the cryptocurrency surpassed $4,000 on Wednesday.