The price of Bitcoin has more than doubled from its July low.

The time of dreams

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Bitcoin
climbed to just over $ 66,000 on Wednesday, surpassing its previous high of $ 64,888.99 reached in mid-April as the crypto community celebrated the launch of the first US exchange-traded fund Bitcoin. The rise in exuberance follows a familiar pattern: Traders push up the price of Bitcoin on news of a groundbreaking event.

“This is the start of digital currency standardization,” said Anthony Denier, CEO of equity and cryptocurrency trading platform Webull. “There is a lot of excitement in space, and rightly so.”

Bitcoin, at last check, stood at $ 65,981, according to CoinDesk.

This move comes after the last sign of cryptocurrency legitimacy. After eight years of rejection of proposed Bitcoin ETFs, the Securities and Exchange Commission cleared the


ProShares Bitcoin Strategy ETF

(BITO) to start trading on Tuesday. It drew the second largest volume on its first day of all ETFs. The ETF holds Bitcoin futures contracts, which critics say make it an imperfect proxy for Bitcoin. But it can attract traditional advisers and investors who want to buy Bitcoin for their investment accounts without having to go to an outside vendor.

Rallies like this, however, have at times led to heartbreaks. After similar moves leading to the launch of Bitcoin futures in 2017 and the debut on the market of


Global Coinbase

(ticker: COIN) in April, Bitcoin fell more than 20% in a matter of days. Denier de Webull said the last move started to look like those times.

“It was a very aggressive rally,” he said. For people who trade Bitcoin, “it’s a bit difficult” to continue to hold it at these levels. “If you’re a long-term believer you’re looking to sell it at six figures.”

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