Oct 15 Reuters - Bitcoin hit a six-month high on Friday, approaching the record of April as traders became increasingly confident that U.S. regulators would approve the launch of an exchange traded fund based on its futures contracts.
The world's biggest crypto won almost 4% with an amount of $59,664 raised since mid-April, its highest since March last year. This year, it doubled in value and is near the record high recorded April by $54,895.
The U.S. Securities and Exchange Commission is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported Thursday citing people familiar with the matter.
Ben Caselin, head of research and strategy at AAX, said Bitcoin's spike above $59,000 wasn't arbitrary and long-term investors had been accumulating it for a while.
It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S. he said.
Friday's actions were also likely to be spurred on by a Twitter message from the SEC Investor Education Office, he said.
s 20 states.
Cryptocurrency investors have been waiting for news of the approval of the country's first bitcoin ETF, and some of bitcoin's rally in recent months has been in anticipation of this move and how it could speed up its mainstream adoption and trading.
Numerous fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. This year, cryptocurrency ETFs were launched in Canada and Europe.
Gary Gensler has previously said that the crypto market involves many tokens which could be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.
The Bloomberg report said that the proposals by Gensler and Invesco are based on futures contracts and were filed under substantial investment rules that ProShares and Invesco have said provide significant investor protections. The SEC did not immediately respond to requests for comment on the Bloomberg report.