Bitcoin Hits $60,000 Ahead of Potential US Regulator Approval

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Bitcoin

Bitcoin topped $60,000 for the first price since April on Friday, as traders anticipate the approval of the first exchange-traded fund to monitor the cryptocurrency by US regulators.

Approval of an ETF that will buy bitcoin futures contracts—though not the coins themselves—would increase the cryptocurrency’s legitimacy and make it easier for institutional investors to get exposure. Four applications for bitcoin futures ETFs, submitted in August, are pending approval from the U.S. Securities and Exchange Commission,” WSJ wrote.

The price of bitcoin has risen ahead of a regulatory deadline for the SEC to work on some of these applications next week. A post from an SEC affiliate Twitter account on Thursday night was interpreted as a nod of approval, asking investors to examine the risks and rewards of investing in such a fund.

Approval of a bitcoin futures ETF would be a boost to sentiment, with a probability of at least 75 percent, according to Noelle Acheson, head of market research at crypto lender Genesis.

Cryptocurrency investors have been trying to have a bitcoin-based ETF approved since 2013. The Securities and Exchange Commission has frequently dismissed requests, claiming that bitcoin exchanges are too opaque to guarantee fair prices.

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