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Bitcoin Tops $63K on Strong ETF Debut and Grayscale Filing

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Tue, 10/19/2021 - 14:06
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Alex Dovbnya
The flagship cryptocurrency is just a hair's breadth away from reclaiming its previous lifetime peak
Bitcoin Tops $63K on Strong ETF Debut and Grayscale Filing
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The Bitcoin price has revisited the $63,000 price level once again, reaching an intraday high of $63,337 on the Bitstamp exchange.

BTC
Image by tradingview.com

Bitcoin is now roughly 2% away from reclaiming its current all-time high of $64,804 set in mid-April on the day the Coinbase exchange went public.

The world's largest cryptocurrency is stealing the spotlight following the much-anticipated launch of the very first Bitcoin futures exchange-traded fund.

ETF provider ProShares rang the opening bell at the New York Stock Exchange right before the ETF made its debut to much fanfare.

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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."

In other news, leading cryptocurrency asset manager Grayscale has officially filed with the U.S. Securities and Commission to convert the world's largest Bitcoin fund into a spot ETF, describing it as the "next natural step."

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 During his appearance on CNBC, SEC Chair Gary Gensler said that futures-based ETFs benefit from years of oversight. He also cautioned his listeners that Bitcoin is still a highly speculative asset class.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.