Bitcoin nears record high as price tops $60,000 on growing US ETF hopes

Bitcoin hit $ 60,000 for the first time in six months on Friday, nearing its all-time high as traders became confident US regulators would …

Bitcoin hit $ 60,000 for the first time in six months on Friday, nearing its all-time high as traders became confident US regulators would encourage the launch of an Exchange Traded Fund (ETF) based on its futures Would approve contracts.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for Bitcoin, the recent rally of which has been fueled in part by the anticipation of what is seen as accelerating mainstream digital asset adoption.

Bitcoin, the world’s largest cryptocurrency, rose 4.5 percent to its highest level since April 17, most recently at $ 59,030. It has risen by more than half since September 20 and is now close to its all-time high of $ 64,895.

The US Securities and Exchange Commission is expected to open the first US Bitcoin futures ETF next week, Bloomberg News reported Thursday.

“It is widely expected that significant progress will be made on a Bitcoin ETF in the US in the fourth quarter,” said Ben Caselin, director of research and strategy at the Asia-based cryptocurrency exchange AAX.

The moves on Friday were spurred on by a tweet from the SEC’s Investor Education Bureau which said, “Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits “.

‘Building’ Bitcoin ETFs

Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds, have requested the introduction of Bitcoin ETFs in the US.

Crypto ETFs launched in Canada and Europe this year.

“In the last few weeks in particular, we have seen more institutional set-ups than ever since the (Bitcoin) crash in April,” said Noelle Acheson, Head of Market Insights at Genesis Global Trading.

SEC chairman Gary Gensler previously said that the crypto market is rich in tokens, which may be unregistered securities, and prices are prone to tampering and millions of investors are vulnerable to risk.

The Bloomberg report, citing people familiar with the matter, said ProShares and Invesco proposals were based on futures contracts and were filed under mutual fund rules that Gensler said offer “significant investor protection.”

The SEC did not immediately respond to a request for comment on the Bloomberg report.

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