Bitcoin reaches $60,000, six months high. This is according to U.S. ETF forecasts

Bitcoin reached $60,000 on Friday for the first time in six months. This was in line with expectations that U.S. regulators will allow futures-based exchange-traded funds (ETF) which could open the door to greater investment in digital assets.

Investors in the cryptocurrency have been patiently waiting for the approval of the first U.S. ETF bitcoin. This has fuelled its recent rally.

The world’s largest cryptocurrency rose to $61,869.05. This is its highest level since April 20th. It was also up 6.9% at $61,346. It has increased by more than half from Sept. 20 to $61,869.05 and is close to its April record of $64,895

Bloomberg News reported Thursday that the U.S. Securities and Exchange Commission will allow the first American bitcoin futures ETF (ETF) to trade next week. Analysts and traders believe such a move will open up new avenues for investors looking to get exposure to this emerging asset.

“Crypto ETFs will come to fruition.” “A product like this will eventually become reality since there is a need for it,” stated Chris Kline (chief operating officer and co-founder of Bitcoin IRA).

Kline stated that it seemed clear that regulators would approve a crypto ETF version soon, most likely by Monday. “The SEC is becoming more familiar with this space and understanding how these assets are stored secured and reconciled to make it logical in traditional finance.

Bitcoin’s Friday moves were triggered by a tweet from SEC’s investor education officer. It asked investors to weigh the risks and benefits of investment funds that hold bitcoin futures contracts, stated Ben Caselin, Asia-based crypto exchange AAX.

Many fund managers have applied for the launch of bitcoin ETFs in America, including ProShares and Invesco as well as Galaxy Digital Funds and Galaxy Bitcoin Trust.

Friday’s approval by the Nasdaq for the Valkyrie Bitcoin Strategy ETF was on Friday.

After months of back and forth between the SEC, potential bitcoin futures ETF issuers, the regulator seems ready to approve a few filings that will allow institutional and retail investors to have greater access to cryptocurrencies.

The rule sets that the ETF issuers use to allow for ETFs to be launched after a period of 75 days if there are no objections from the U.S regulator.

ProShares Bitcoin Strategy ETF’s 75-day period ends Monday. The ETF can then be launched Tuesday.

This year, Crypto ETFs were launched in Canada and Europe. They are growing in popularity due to the rising interest in digital assets.

Cboe Global Markets Inc (CBOE.Z) was a futures exchange operator and requested a rule change from the SEC to allow it to list complex ETFs. On October 1, the SEC approved this application.

Gary Gensler, SEC Chair, has stated that the crypto market includes many tokens that could be unregistered securities. This leaves prices vulnerable to manipulation and millions of investors exposed to risk.

According to Bloomberg, people familiar with the matter said that ProShares and Invesco’s proposals were based on futures contracts. They were filed under mutual fund rules Gensler claims provide significant investor protections.

Joseph Edwards, head of research at Enigma Securities, said that “it’s one the last frontiers for mandate access.” Many Americans have restrictions on how they use a large portion of their wealth. This allows bitcoin to access the kinds of windfalls that keep U.S. equity as strong as ever.

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