Buy rumors…buy news?With the launch of the US Bitcoin ETF, the price of BTC exceeds $63,000


Bitcoin (Bitcoin) Reached $63,000 on October 19th, as the first regulated Bitcoin exchange-traded fund (ETF) made its debut with strong growth.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The launch of the ETF triggered a six-month BTC high

Data from Cointelegraph Markets Pro with Transaction view As the ProShares Bitcoin Strategy ETF ($BITO) began trading on the New York Stock Exchange, BTC/USD hit its highest level since April 16.

The opening price of BITO was slightly lower than US$40, and it quickly reached a local high of US$42.09 in price discovery, and then consolidated.

The power of the launch helps Eliminate fear The market will instead fall into the opening of the United States, which will constitute a classic “buy rumors, sell news” event.

However, at the time of writing, volatility is still rampant, and commentators are waiting to see what will eventually happen to the ETF in the first few hours.

In response to individual criticisms of the first two ETFs based on Bitcoin futures, Dan Held, head of Kraken’s growth debate When these futures themselves were launched in late 2017, there were similar concerns. Ultimately, these concerns are unfounded.

Grayscale officially “launched” GBTC ETF conversion

In further ETF news, institutional investment giant Grayscale comfirmed On Tuesday, it has applied to convert its flagship Bitcoin product into an ETF.

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If approved, Grayscale Bitcoin Trust ($GBTC) will trade under the new code $BTC.

“From where we are, we have never seen greater maturity in the digital asset ecosystem, and we believe this is the next step in the GBTC life cycle journey,” CEO Michael Sonnenshein said in the video comment .