An upcoming American decision to restore glory to “Bitcoin”… It is approaching its record level

The price of Bitcoin reached a six-month high on Friday, approaching the record set in April, as traders became increasingly confident that US regulators would approve the launch of an exchange-traded cryptocurrency ETF based on futures.

The world’s largest cryptocurrency rose nearly 4% to $59,664, its highest level since mid-April. It has doubled in value this year and is close to its April high of $64,895.

The US Securities and Exchange Commission (SEC) is preparing to allow the first US bitcoin futures ETF to begin trading next week, Bloomberg News reported Thursday, citing people familiar with the matter.

“The fourth quarter of the year is widely expected to see significant progress around US bitcoin exchanges,” said Ben Caslin, head of research and strategy at Asia-based crypto exchange AAX.

He added that Friday’s moves were also prompted by a tweet from the SEC’s Office of Investor Education.

The SEC tweet stated that “Before investing in a fund that holds Bitcoin futures, be sure to carefully weigh the potential risks and benefits.”

Cryptocurrency investors have been waiting for news of the approval of the country’s first Bitcoin ETF, and some of the cryptocurrency’s rally in recent months has been driven by expectations of this move and how it could speed up its adoption and circulation.

Several fund managers, including VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds, have applied to launch bitcoin ETFs in the United States. Cryptocurrency ETFs were launched this year in both Canada and Europe.

US Securities and Exchange Commission Chairman Gary Gensler previously said that the crypto market includes many tokens that may be unregistered securities and leave prices open to manipulation and millions of investors exposed to risk.

The Bloomberg report said the proposals by ProShares and Invesco are futures based and made under mutual fund rules that Gensler said offer “significant investor protection.”

 
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