The price of Bitcoin (BTC) breached the $60,000 mark in the early hours of Friday. This will be the first time BTC price will touch the $60K mark since April 2021.
The coin is around 7% from its all time high of $64,804.00 recorded on April 14th 2021. At the time of time report, 8:15AM GMT, BTC was traded at $59,220.10 on coindesk.
The current price surge can be attributed to reports that the long-awaited launch of a Bitcoin exchange-traded fund (ETF) could finally arrive as early as Monday next week.
Citing “people familiar with the matter” Bloomberg has reported that the U.S. Securities and Exchange Commission is poised to approve the first Bitcoin futures exchange-traded funds in the country.
The anonymous sources said:
“The regulator isn’t likely to block the products from starting to trade next week.”
Bloomberg senior ETF analyst, Eric Balchunas, is confident that the ProShares Bitcoin Strategy ETF could be the first one launched as the decision deadline is Oct. 18. The Invesco Bitcoin Strategy ETF may be approved the following day barring any further delays by the SEC.
In a tweet on Oct. 15, the analyst stated: “Pretty much done deal. Expect launches next week,” before adding the “odds now over 90% IMO.”
JUST IN: Bitcoin futures ETFs said not to face any opposition at SEC, according to multiple sources confirming this (aside, I’m hearing same thing). Pretty much done deal. Expect launches next week. Nice late night story from @kgreifeld @VildanaHajric @benbain pic.twitter.com/axT6ME4MeI
— Eric Balchunas (@EricBalchunas) October 15, 2021
Nnamdi Maduakor is a Writer, Investor and Entrepreneur