By Oliver Gray
Investing.com - Cryptocurrency markets ticked higher in Wednesday’s session, after Bitcoin surged to a record above A$88,900 overnight as investors cheered the successful launch of the first U.S. bitcoin futures exchange-traded fund. The ProShares Bitcoin Strategy ETF (NYSE:BITO) closed 3.19% higher after its first session on Tuesday.
Sentiment was further buoyed as billionaire investor Paul Tutor noted on CNBC’s “Squawk Box” that cryptocurrencies are his preferred inflation hedge over gold, saying that “Bitcoin would be a great hedge. Crypto would be a great hedge. There’s a plan in place for crypto and clearly it’s winning the race against gold at the moment ... I would think that would also be a very good inflation hedge. It would be my preferred one over gold at the moment.”
Bitcoin is currently trading 2.24% higher at A$86971.9, while Ethereum added 9.02% to A$5601.64 and Cardano lifted 6.5% to A$2.9677.