Buy the Rumor … Buy the News? BTC Price Exceeds $ 63,000 When US Bitcoin ETF Comes On The Market

Bitcoin (BTC) hit $ 63,000 on October 19, when the debut of Bitcoin’s first regulated exchange traded fund (ETF) found solid acceptance.

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

ETF launch generates six-month BTC spikes

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair reached its highest level since April 16, when Bitcoin Strategy’s ProShares ETF traded under the BITO symbol on the New York Stock Exchange.

BITO opened at just under $ 40 and quickly hit local highs of $ 42.09 in pricing before consolidating.

Buy the Rumor … Buy the News?  BTC Price Exceeds $ 63,000 When US Bitcoin ETF Comes On The Market
Buy the Rumor … Buy the News? BTC Price Exceeds $ 63,000 When US Bitcoin ETF Comes On The Market

The force of the launch served to allay fears that the market would fall the other way as the US opened in what would be a classic “buy the rumor, sell the news” event.

However, volatility was still rife at the time of this writing, and commentators were hoping to see what would eventually happen to the ETF’s wee hours.

In response to the separate criticism of the first two ETFs launched, both of which are based on Bitcoin futures, Kraken growth leader Dan Held said argued that the same fears surrounded the launch of these futures in late 2017. Ultimately, they were unfounded.

Grayscale officially “initiates” the GBTC-ETF conversion

In further ETF news, institutional investment giant Grayscale confirmed Tuesday that it had applied to convert its flagship Bitcoin product into an ETF.

Grayscale Bitcoin Trust, which was trading on the GBTC ticker or symbol, would trade the new BTC ticker should it be approved.

“From our standpoint, we have never seen greater maturity within the digital asset ecosystem and we are confident that this is the next step in the GBTC lifecycle journey.”said CEO Michael Sonnenshein in video comments.

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