Bitcoin blasted past the $65,000 mark on Wednesday morning to set a new all-time record high.
The digital coin passed the milestone at 9:43 a.m. and was trading north of $65,800 just minutes later, according to Coinbase data.
The development marks a dramatic reversal for bitcoin, which previously set a record just shy of $65,000 in April before plummeting over the summer and falling as low as $29,800 in July.
Bitcoin largely recovered this fall, gaining a significant boost this week when federal regulators allowed the first exchange traded fund containing futures based on the cryptocurrency to start trading Tuesday.
More bitcoin futures ETFs from asset managers like ARK Invest and VanEck are expected to start trading in the coming weeks.
On Twitter, crypto fans celebrated the new record price.
“The halls of eternity echo with the cries of those who sold their #bitcoin,” gloated Michael Saylor, the co-founder of business intelligence company MicroStrategy, which holds significant bitcoin investments.
“We have record high inflation and bitcoin is trading at all-time highs,” said Anthony Pompliano, an investor and crypto proponent. “The digital currency doing exactly what it was built to do.”