Bitcoin Price Surges to $72k Following Morgan Stanley's ETF Launch

The price of Bitcoin has surged to $72,100 after Morgan Stanley Investment Management launched its Bitcoin Trust (MSBT), a new bitcoin tracking exchange-traded product on the NYSE Arca. The trust will track bitcoin daily price fluctuations in the CoinDesk Bitcoin Benchmark and has a market-low fee of 0.14%. This makes it one of the most cost-efficient investment products available.

Coinbase and BNY Mellon will jointly handle digital asset custody, with BNY also handling administrative tasks, transfer agency tasks, accounting, record keeping, and cash operations. The launch of MSBT is seen as a significant development in the cryptocurrency market, with analysts predicting a possible surge of up to 3% in the near term.