Bitcoin Nears $60,000 As Investors Eye First U.S. ETFs
NDTV
Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.
New Delhi: Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts. The world's biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.Check out our Investor Bulletin to learn more: https://t.co/AZbrkpfn8F
It has doubled in value this year and is near April's record high of $64,895. The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.
Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin's spike above $59,000 wasn't arbitrary and long-term investors had been accumulating it for a while.
"It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.," he said.
