Bitcoin Tapped $63K for the First Time Since April – Futures ETF Launch Incoming
Today should be a big day with the ProShares BTC Futures ETF launch
Bitcoin Tapped $63K for the First Time Since April Ahead of Futures ETF Launch (Market Watch)
“The most important news within the cryptocurrency space in the past several days is whether or not the United States will finally have its own Bitcoin ETF, even if it’s a futures one.
Multiple reports emerged since last week claiming that such a product is indeed coming. In fact, the most recent one from yesterday indicated that ProShares’ BTC Futures ETF will launch today – October 19th.
The anticipation for such a significant event led to enhanced volatility for the primary digital asset. BTC traded at $57,000 on October 15th before it shot up to above $60,000 and even neared $63,000 a day later.
It failed to reach it at first, and the bears drove BTC south below $59,000 on Sunday. However, the bulls came back to play and pushed bitcoin north again in the following days.
This culminated in touching $63,000 just a few hours ago, which became the highest price level since April this year. As of now, BTC has retraced by around $1,000, but the potential launch of a Futures ETF later today could bring more volatility.
Bitcoin’s market capitalization has neared $1.2 trillion, while the dominance over the alts is just over 47%”