Saturday , November 27 2021

Bitcoin price: Bitcoin tops US $ 80,000 for the first time in six months, with ETFs nearing approval


Bitcoin soared to unseen months after a massive U.S. announcement sent investors on a buying spree.

Bitcoin has risen for the first time since April to $ 60,000 (A $ 82,351) amid expectations that the Securities and Exchange Commission would approve a stock exchange-based fund based on futures contracts linked to its volatile crypto.

According to the Coinbase crypto exchange, the digital asset rose four percent the day before, with shoppers once again flocking to online markets.

Earnings this week put Bitcoin at an impressive distance from an all-time high of more than $ 64,800 that reached it in April. Digital currency is now up more than 22 percent from a month ago, and more than 67 percent since January 1st.

The latest rally comes after Bloomberg reported that the SEC is set to allow Bitcoin’s first old ETF to start trading next week, a move seen by crypto investors to gain wider adoption among the investing public.

For years, various executives in the $ 6.7 trillion ETF industry tried to get approval from the SEC for a bitcoin certificate, but efforts hit recurring obstacles as the industry tried to find a vehicle for the investment mechanism the SEC would find suitable.

Cameron and Tyler Winklebus, the twins who became famous for their role in Facebook history, filed their first application for a Bitcoin ETF in 2013.

The SEC has until Monday midnight to postpone the future Bitcoin ETF sponsored by ProShares, otherwise it will start trading on Tuesday. Otherwise, the Invesco Bitcoin Strategy ETF is expected to follow soon, Bloomberg reported.

Raising speculation about the upcoming approval is a tweet from the Ministry of Education and Information for Investors at the SEC.

“Before you invest in a fund that holds Bitcoin futures contracts, be sure to carefully consider the possible risks and benefits,” the firm tweeted on Thursday afternoon.

But the regulator can still land on the last-minute rejection of requests. The SEC has previously argued that the crypto space is still too volatile and that it is vulnerable to market manipulations.

The regulator, led by Gary Gansler, is expected to have more prospects for the future of Bitcoin — which are derivatives of the spot market and are already regulated by the Futures Trading Commission — than Bitcoin’s Bitcoin ETF, even if that is what many hardcore crypto investors might prefer.

Gansler has previously indicated that he prefers ETFs based on a regulated bitcoin future, though he has also brought up his criticism of the crypto sector in recent months, calling it the “Wild West”.

With Will Foyer, New York Post

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