Bitcoin (BTC) tops $60K following rumors of a Bitcoin Futures ETF approval next week

  • A recent Bloomberg report suggests that the upcoming Bitcoin ETF won’t face any resistance from the SEC.
  • The Bitcoin (BTC) price approaches closer to $60,000 for the first time in the last five months.

The world’s largest cryptocurrency Bitcoin (BTC) is on a roll once again moving extremely close to topping $60,000 levels earlier today. As of press time, BTC is trading 3.39 percent up at a price of $59,628 with a market cap of $1.129 trillion.

This is for the first time in the last five months that BTC has touched these price levels. After a tepid performance last month, Bitcoin has made strong moves in October. So far this month, the Bitcoin price is already up by 26 percent.

The recent Bitcoin price rally comes amid strong rumors of Bitcoin ETF approval this month. The expectations for Bitcoin ETF approval by the U.S. SEC got stronger after a recent Bloomberg report. The publication noted:

The regulator isn’t likely to block the products from starting to trade next week, said the people, who asked not to be named while discussing the decision.

Citing sources familiar with the matter, Bloomberg reported that the Bitcoin ETF won’t face any major opposition by the U.S. SEC. Back in August, SEC Chairman Gary Gensler expressed the desire to approve a Bitcoin ETF that tracks the Bitcoin futures contracts offered by the CME Group.

Thus, several Bitcoin Futures ETF applications have been submitted to the SEC in recent times. However, in the past, the SEC has rejected multiple such Bitcoin ETF applications. The securities regulator has argued that there are not enough measures for investor protection to curb market manipulation. Furthermore, the SEC has been cautious about dealing with the volatile asset class.

Related: US likely to approve first Bitcoin ETF in October, Bloomberg analyst predicts

The way things have been going so far, Bitcoin (BTC) looks poised to give a breakout above $60,000 in the near time. On Thursday, the SEC’s investor education official Twitter handle asked investors to weigh the risks before holding Bitcoin futures contracts. The tweet coming at such a time sparks curiosity among the community.

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Bitcoin ETF to fuel BTC rally

Bloomberg’s senior ETF analyst Eric Balchunas said that this certainly increases the prospects of Bitcoin futures ETF by a staggering 85 percent.

With recent developments, Valkyrie has recently updated its Bitcoin Futures ETF prospectus. Two days back, Cathie Wood’s Ark Invest also filed for a Bitcoin Futures ETF with the U.S. SEC. Ark Investments have been heavily investing in Bitcoin gaining exposure to the cryptocurrency via the Grayscale Bitcoin Trust (GBTC). Referring to this GBTC investment by Ark Invest, Bloomberg Intelligence’s Eric Balchunas said:

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It’s a no brainer for Ark because they will likely be able to instantly seed it with about half a billion that they currently have in GBTC. Having that kind of start is really helpful, especially if they are the seventh or eighth one approved. Ark also has a strong base of younger investors who probably would use this as well. Closest thing to a surefire hit as you’ll see.

If at all the Bitcoin Futures ETF arrives this month, it won’t be wrong to expect the BTC price to cross its all-time high of $64,000.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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