Lara Williams, Columnist

Crypto ETFs Send Bitcoin Soaring But People Are Worried

Bitcoin just had a big week. You might want some help understanding why.

October 24, 2021 at 12:00 PM UTC

By Lara Williams

Lara Williams is a Bloomberg Opinion columnist covering climate change.

On fire.
Photographer: Chris McGrath/Getty Images Europe

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What a week for crypto enthusiasts! The bad news is that CryptoEats, the “crypto-based UberEats alternative” that some people (including British reality TV star Joey Essex) were excited about, has disappeared after its launch token sale.

The good news is that two Bitcoin exchange-traded funds, the ProShares Bitcoin Strategy fund and the Valkyrie Bitcoin Strategy fund, started trading this week. All that excitement sent Bitcoin shooting right up to an all-time high just six months after a brutal 53% drop.