CryptocurrenciesBitcoin Surges Above $62K as SEC Approves Trading of Bitcoin Features

Bitcoin price today surged above the $62,000 mark as reports suggested that the first US BTC Futures exchange-traded fund (ETF) may debut as soon as Monday.

The digital currency is currently exchanging hands at 62,391.50 as of 11.00 A.M East African Time, a 2.90% 24-hour gain

Bitcoin Chart
Bitcoin Performance Chart

Analysts are optimistic that the world’s largest cryptocurrency will approach the all-time high of near $65,000 it had hit in April after it passed the $60,000 mark on Friday after nearly six months.

Growing Support for Bitcoin

The surge comes as the cryptocurrency receives growing support from investors after the Securities and Exchange Commission (SEC) greenlighted bitcoin futures ETFs in a first for the industry on Friday after the regulator’s five commissioners met on the issue. ProShares, which filed for its BTC Strategy ETF this past summer, maybe the first to launch next week.

The company filed a post-effective amended prospectus on October 15, stating its filing is expected to launch on Monday, Oct. 18, though the fund may not begin trading immediately.

Proponents of a bitcoin ETF believe the product will be more widely accessible for individuals interested in bitcoin than the actual cryptocurrency by giving investors a regulated alternative to the underlying digital asset. The first product will track BTC futures, rather than the price of BTCdirectly, however. SEC Chair Gary Gensler indicated he believes futures-based products might provide stronger investor protections due to the laws under which they operate.

The SEC has, in the past, explicitly rejected BTC ETF applications, but it does not need to formally approve one. Under federal law, the SEC can just allow an application to become effective, rather than make a formal announcement.

“Bitcoin has been on a tremendous bull run since more than a week. BTC rallied close to the $63K mark ahead of speculation regarding the Bitcoin Futures ETF launch on Monday. BTC has broken out of the channel pattern and we can expect the momentum to continue into the week ahead. The next resistance is expected at $63.3K,” Siddharth Menon, COO of WazirX.

Additionally, Square CEO Jack Dorsey said late on Friday the company might jump into the BTC mining business.

Dorsey tweeted that the company is considering a “BTC mining system based on custom silicon and open source for individuals and businesses worldwide.” The price of bitcoin rose above $62,000 following Dorsey’s string of tweets, as the world’s most popular cryptocurrency pushes toward its all-time high.

Other Cryptocurrencies Follow the Bitcoin Trend

Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, surged to $3,885. Cardano and dogecoin prices gained marginally. On the other hand, other digital tokens like Solana, Shiba Inu, Binance Coin also gained over the last 24 hours.

 

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