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BTC Hits 63k Prior to ETF Launch

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The world’s largest cryptocurrency, Bitcoin hit 63k in the early hours of today, 19th October, 2021 for the first time in months since around April when it crossed a new ATH.

There have been speculations all over the crypto industry that the awaited launch of the Bitcoin ETF from Proshares happening today is responsible for the greens and gains in the Bitcoin markets.

Around 4:30am today, Bitcoin closed on $63,000 according to data from Coinmarketcap.com. The price was rejected and it fell below 63k and it is currently trading slightly above 62k at the time of this publication.

Coinmarketcap.com

 

See also: Ghana’s Upcoming CBDC to be Used in Offline Transactions

 

Bitcoin ETF Launch 

The long awaited and anticipated Bitcoin ETF is slated to launch today and many crypto savvy individuals have suggested the news was responsible for the pump in price of Bitcoin.

Throughout last week, there were speculations and reports about whether or not the United States  SEC will allow the launch of a Bitcoin ETF.

About the end of last week, a tweet from the Securities and Exchange Commission generated reactions that made people suggest that a Bitcoin ETF is underway.

However the guesses and speculations have been confirmed as the Proshares’ Bitcoin ETF has been slated to launch today.

Previously, when Bitcoin crossed $60k on Friday, 15th October, the news of SEC approving a  Bitcoin ETF was said to have pumped the markets.

 

Read more: CEO of CryptoMasterClass sees no value in NFTs

 

About the Bitcoin ETF

The Bitcoin ETF from Proshares will launch today in the United States on the New York Stock Exchange.

It is said to be the first Bitcoin Futures ETF to ever exist in the United States.

Likewise, after years of disapproval from regulatory bodies, this Bitcoin ETF is the first of its kind to launch. $BITO is the ticker for BTC ETF on the stock exchange markets.

The milestone is one that is laudable in the cryptocurrency industry as a whole. It has marked a new epoch in the history of adoption of cryptocurrencies.

Although some other nations are said to have launched Crypto funds, the United States effect will be one of impact as crypto adoption will see another level.

More so, it has proved that Bitcoin is becoming appealing to nations of the world beyond just retail traders and institutional investors. 

 

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