Bitcoin’s (CRYPTO: BTC) price is approaching its all-time high on the day the first Bitcoin exchange-traded fund launched in the United States.
The move also follows a recent Bloomberg report suggesting Bitcoin is headed for $80,000 to $85,000.
What Happened: Bitcoin is trading around $64,000 at press time after seeing its price increase about 4% over the past 24 hours, according to CoinMarketCap data. BTC hit an all-time high of $64,863 back in mid-April.
Market participants seemingly cheered today’s listing of the ProShares Bitcoin Strategy ETF (NYSE:BITO) on the New York Stock Exchange — backed by Bitcoin futures.
See Also: 7 Stocks That Could Capitalize On First Bitcoin ETF’s Debut
The ProShares Bitcoin Strategy ETF opened at just under $40, before hitting highs of $42.09 before consolidating to close at $41.94. The launch wasn’t followed by a Bitcoin sell-off, which calmed down market participants that feared the listing would result in Bitcoin holders cashing in their profits.
Furthermore, Grayscale Investment — the firm behind the world’s largest Bitcoin close-ended fund — confirmed Tuesday it had applied to convert its Grayscale Bitcoin Trust to an ETF as well.