Bitcoin tests $64,434 after the successful debut of ProShares Bitcoin ETF (BITO)

By: Charles Thuo
Charles Thuo
Charles loves traveling, reading, and sharing his knowledge about blockchain technology. read more.
on Oct 20, 2021
  • ProShares Bitcoin Strategy ETF (BITO) is trading at about $42.04 with a day range of 40.07-42.15 on its firs
  • BITO saw about $1 billion of trading volume on the first day.
  • The new ETF’s debut also saw Bitcoin’s price surge to a six-month high on Tuesday.

The world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), saw a major surge on Tuesday following the debut of the first Bitcoin ETF, the ProShares Bitcoin Strategy ETF (BITO).

Bitcoin (BTC) has been in a race to get above its previous all-time high of $64,863.10 and yesterday’s boost by the debut of the Bitcoin ETF could propel it to smash through the ATH and set a record high in the coming days.

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ProShares became the first company to launch the first Bitcoin ETF after more than ten years of waiting. The ETF is trading under the ticker symbol of BITO on the NYSE Arca Exchange.

BITO performance on its first trading day

BITO allows traders and investors to get exposure to Bitcoin (BTC) in a regulated environment (stock exchange market) without the need of owning a crypto wallet or an account with a crypto exchange.

Trading BITO will be similar to trading other stocks on the NYSE Acra exchange with the only difference being that it will be pegged on Bitcoin.

After the successful ProShares CEO Michael L. Sapir said:

“We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one. BITO will continue the legacy of ETFs that provide investors convenient, liquid access to an asset class.”

BITO recorded about $1 billion in trading volume on its first day with more than 24 million BITO shares being traded on Tuesday. Its price surged by about 4.8% to close its first day at $41.94.

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