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Bitcoin Exceeds $60,000 On US Fund Approval As Investors Bet On ETF

Published

4 years ago

October 16, 2021

Bitcoin Exceeds $60,000 On US Fund Approval As Investors Bet On ETF

It has been a whirlwind of a month for bitcoin as the world’s most valuable cryptocurrency prices continued their surge topping $60,000 on hopes that the Securities and Exchange Commission will soon approve a bitcoin future exchange-traded fund.

Bitcoin was up more than 40 percent from a month ago, reaching $62,253 at 2050 GMT, according to Bloomberg News data, which reported that the US Securities and Exchange Commission could allow the ETF to trade next week.

The SEC has rejected attempts to create a Bitcoin ETF since 2013.

Bitcoin

“An SEC Bitcoin ETF approval is a watershed moment for the crypto industry as this could be the key driver for getting the next wave of crypto investors,” said Edward Moya, senior market analyst at OANDA.

An ETF is a financial instrument that can include different assets and be traded on an exchange like other securities. A futures ETF means the product will be bought or sold at a set price at a later date.

The SEC fuelled speculation of the imminent approval after writing the following advice on one of its accounts on Twitter: “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

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