Bitcoin (BTC) reached $63,000 on October 19 when the first order was placed for the first regulated Bitcoin Exchange Traded Fund (ETF).

1 hour candlestick chart BTC/USD (Bitstamp). Source: TradingView
ETF launch led to six-month highs BTC
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached its highest level since April 16, when the ProShares Bitcoin Strategy ETF started trading under the BITO Index on the New York Stock Exchange.

BITO opened at less than $40, and quickly reached a local high of $42.09 at the open before consolidation.

The strength of the launch helped allay fears that the market might instead be drowning in the US in a classic rumor buying, selling news event.

However, at the time of writing, volatility was still widespread, with commentators waiting to see what ultimately happens in the early hours of the ETF.

In response to separate criticism of the first two ETFs based on bitcoin futures, Dan Held, Kraken’s director of growth, said the same concerns were surrounding the launch of these futures contracts in late 2017. In the end, it didn’t have basis of health.

Grayscale officially launches GBTC ETF conversion o
In more ETF news, institutional investment giant Grayscale confirmed Tuesday that it has applied to convert its flagship Bitcoin product into an ETF.

On the topic: “All bears will die” – Bitcoin scale is poised to go green for the first time in 6 months.

The Grayscale Bitcoin Trust, which is traded under the GBTC ticker, will trade under the new BTC ticker if approved.

“From where we are, we have never seen a greater maturity in the digital resource ecosystem, and we are confident that this is the next step in the GBTC lifecycle,” CEO Michael Sonnstein said in the video commentary.

Source: CoinTelegraph

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