Why Bitcoin Is at All-Time Highs on Tuesday

Bitcoin (CRYPTO: BTC) tokens reached a fresh all-time high late Monday evening and stayed close to the record price on Tuesday. Bitcoin prices peaked at $68,530 per token near 11 p.m. EST on Monday, cooling down to $66,931 per token at 1 p.m. EST today. The latter reading is still 2% above the token's 24-hour low, just before Wall Street's closing bell on Monday. At the late-night peak, Bitcoin saw a 4.4% gain from the same daily bottom.

The largest name in the cryptocurrency market did have some news to share, but the price move was primarily a continuation of a general upward trend in recent weeks.

Crypto-trading platform BlockFi just filed a Form S-1 to the Securities and Exchange Commission, starting the process to launch an exchange-traded fund (ETF) focused on holding Bitcoin tokens. The net asset value (NAV) of this proposed fund is unknown, but BlockFi currently manages more than $10 billion of cryptocurrency assets. The company has already posted a similar filing to start up an ETF managing Bitcoin futures instead of the actual tokens, much like the just-approved ProShares Bitcoin Strategy ETF (NYSEMKT: BITO). That proposal is making its way through the SEC's decision-making process, followed by a decision on BlockFi's bitcoin-holding ETF.

Source Fool.com