Bitcoin price revisited $63,000 once again following of ProShares BTC Strategy ETF opening for trading
Bitcoin price rose to a 5-month high of $63,293, reaching an intraday high of $63,337 on the Bitstamp exchange, following shares of ProShares BTC Strategy ETF opening for trading. At the time of writing, BTC is changing hands at $62,649, up 12% in the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price tops $63,000 on strong ETF debut and Grayscale filing
The first Bitcoin futures-linked ETF in the United States began trading on the New York Stock Exchange (NYSE), which opened for $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication.
The NYSE welcomes @ProSharesETF in celebration of the first U.S. Bitcoin-Linked ETF $BITO https://t.co/0qh0NDS2d4
— NYSE ? (@NYSE) October 19, 2021
“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” ProShares CEO Michael Sapir said.
Bitcoin is currently about 2% away from reclaiming its current all-time high of $64,804, set in mid-April when the Coinbase exchange went public. The leading cryptocurrency is stealing attention following the much-anticipated launch of the Bitcoin Futures ETF.
ProShares’s Futures-based Bitcoin ETF has traded a staggering $320 million during its first 30 minutes of trading. James Seyffart of Bloomberg Intelligence described this level of demand as insane.
This is insane. We’re over $320 million in the first 30 minutes. https://t.co/XByQRKBJHu
— James Seyffart (@JSeyff) October 19, 2021
So the Bitcoin price went up after the shares of the ProShares ETF. This marks a return for the crypto asset to move above $63,000 for the first time since April, when it hit an all-time high of $64,863.
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