Bitcoin rises to record high
New York (Reuters) -Bitcoin hit a record high on Tuesday, fueled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.
The world's largest cryptocurrency hit a high of $69,202, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January.
DAVID WAGNER, PORTFOLIO MANAGER, APTUS CAPITAL ADVISORS, CINCINNATI, OH
"Bitcoin performing well is a sentiment indicator that a risk-on rally is occurring. Not only that, but the Russell 2000 outperforming Small Cap 600 is about as good of an indicator of investor sentiment towards speculation as the price of bitcoin has been. Both have been extreme indicators of speculative frenzy since mid January."
«We've been fielding more questions from the field on Bitcoin, especially now that there are more efficient and cheaper ways to own bitcoin after the recent slew of ETF launches. In our exploration of the opportunity, we've pinpointed IBIT (iShares Bitcoin Trust) and FBTC (Fidelity Wise Origin Bitcoin Fund) as prominent Bitcoin-related ETFs, distinguished by their robust liquidity and appealing expense ratios.”
“A notable differentiator for investors considering their options is that FBTC, unlike some counterparts, benefits from Fidelity's direct custody solution, avoiding the involvement of third-party custodians like Coinbase (NASDAQ:COIN).»
PHILLIP COLMAR, GLOBAL STRATEGIST, MRB PARTNERS, NEW YORK
“It’s a very speculative market. Recent new highs in equities, especially U.S. mega-caps, new highs in Bitcoin, new highs in gold, etc., is a clear message that the world is still flush with too much
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