Bitcoin (BTC) hit $ 63,000 on October 19 when the debut of Bitcoin's first regulated exchange-traded fund (ETF) saw solid acceptance.
ETF Launch Generates Six-Month BTC Highs
Data of Cointelegraph Markets Pro and TradingView showed that BTC / USD reached its highest levels since April 16 when the ProShares Bitcoin Strategy ETF ($ BITO) began trading on the New York Stock Exchange.
BITO opened at just under $ 40, quickly hitting local highs of $ 42.09 in price discovery before consolidating.
The force of the launch served to calm fears that the market would fall the other way at the US opening, in what would be a classic "buy the rumor, sell the news" event.
However, volatility was still rampant at the time of this writing, and commentators were hoping to see what would eventually happen to the ETF's early hours.
The era of the Bitcoin ETF has arrived!
- Dan Held (@danheld) October 19, 2021
In response to separate criticism of the first two ETFs that were launched, both based on Bitcoin futures, Kraken growth leader Dan Held, meanwhile. argument that the same fears had surrounded the launch of those futures in late 2017. Ultimately, they were unfounded.
Grayscale formally "initiates" the conversion of GBTC ETFs or
In more ETF news, institutional investment giant Grayscale confirmed On Tuesday he had applied to convert his flagship Bitcoin product into an ETF.
Related: 'All Bears Will Die': Bitcoin Metric Prepares To Go Green For The First Time In 6 Months
The Grayscale Bitcoin Trust ($ GBTC) would trade under the new ticker symbol $ BTC if approved.
"From where we sit, we have never seen greater maturity within the digital asset ecosystem, and we are confident that this is the next step in GBTC's lifecycle journey," said CEO Michael Sonnenshein in video comments.
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