Bitcoin surpasses $73,000, hits new record

Sentiment for bitcoin reignited after SEC approved first spot bitcoin ETF on Jan. 10

Bitcoin continued climbing, reaching a new all-time high on Wednesday, as investors ride the wave following the Securities and Exchange Commission's approval of the first spot bitcoin ETF earlier this year, making the digital asset more accessible to investors.

Britain's financial watchdog on Monday became the latest regulator to pave the way for digital asset trading products after saying on Monday it will now permit recognized investment exchanges to launch crypto-backed exchange-traded notes.

The largest cryptocurrency by market value traded above $73,000, surpassing the previous record set earlier this week. Bitcoin is up about 74% this year, outpacing the S&P 500's 8.2% rise.

"For the first time ever, anyone who wanted to buy bitcoin could buy it," said Galaxy Digital’s Michael Novogratz during an interview on "The Claman Countdown," while forecasting further gains for the crypto. "I'd like to say $100,000 because it's a round number but when you're in price discovery you don't know where the buying stops" he explained. 

Sentiment for the cryptocurrency reignited after the SEC approved the first spot bitcoin ETF on Jan. 10. 

HOW BITCOIN ETFS WORK 

Ticker Security Last Change Change %
BLK BLACKROCK INC. 747.05 -6.70 -0.89%

Eleven funds hit the market shortly thereafter, including BlackRock's iShares Bitcoin Trust. The fund's assets topped $10 billion through Monday. The firm itself is the world's largest money manager with over $9 trillion in assets. 

iShares Bitcoin Trust

These ETFs allow investors to efficiently track the price of bitcoin, in which volatility and swings are not uncommon. It gives registered financial advisers the option to offer the asset to customers. Additionally, Main Street investors can buy it more easily through a traditional brokerage account. 

LIVE CRYPTO PRICES: FOXBUSINESS.COM

Other bitcoin ETFs are offered by Ark Investments, WisdomTree, Fidelity, Van Eck and Grayscale. 

Ticker Security Last Change Change %
ARKB ARK 21SHARES BITCOIN ETF SHS BEN INT 63.56 +2.51 +4.11%
FBTC FIDELITY WISE ORIGIN BITCOIN FD SHARES OF BENEFICIAL INTERE 55.59 +2.29 +4.30%
GBTC GRAYSCALE BITCOIN TRUST BTC COM NPV 56.58 +2.27 +4.18%
HODL VANECK BITCOIN TR NPV 71.92 +2.90 +4.20%

Reuters contributed to this report