Bitcoin Price Soars Above $60,000 Ahead of Expected ETF Approval

Bitcoin Price Soars

Created by TradeOr

3rd Party Analysis 18 Oct 2021

Key Takeaways:

  • Bitcoin hits a multi-month high of $62,800, floats about 3% away from all-time record
  • The first-ever Bitcoin exchange-traded fund in the US is set to start trading today

What’s Today’s News in Crypto?

Bitcoin, the original cryptocurrency, is now looking toward a wider audience of investors.

That would be made possible if the Securities and Exchange Commission grants the first-ever approval of a Bitcoin ETF. In other words, the SEC is set to decide whether to clear for trading ProShares’ exchange-traded fund, Bitcoin Strategy ETF.

The fund will be given its final review from the SEC and, if approved, would become the first-ever US-based ETF on bitcoin futures. In more detail, the Bitcoin ETF would allow almost all US brokerage firms to offer bitcoin futures contracts. Although investors will not be buying bitcoin itself, the move will greatly expand the crypto market. In addition, it would make it easier for institutions to get exposure.

Looking back, crypto supporters have been eager to witness the appearance of a Bitcoin ETF since 2013. The SEC, however, has rejected all applications so far arguing crypto prices are too volatile and difficult to evaluate.

What’s the Price of Bitcoin?

Against that backdrop, bitcoin, the world’s first and largest cryptocurrency, is aiming to regain its all-time high levels. After a 50% gain in the first couple of weeks in October, the price of bitcoin spiked to a six-month high of $62,800. Moreover, the flagship token floated just 3% away from its all-time record of $64,800 set on April 14.

On Friday, bitcoin hit $60,000 for the first time since mid-April. Not only that, the original token reached nearly $63,000 in a 10% daily gain prior to the weekend. Over the past two days, however, the price of bitcoin has retrenched a bit.

On Monday, the day when the SEC should decide on ProShares’s Bitcoin ETF, the token reversed its weekend losses. Bitcoin is now up more than 5% on the day, trading near $62,500 per coin.

How to Buy Bitcoin?

If you’re thinking about buying Bitcoin and experiencing the thrill of crypto investing, consider reading our comprehensive guide. It will help you navigate through the steps required to make your first bitcoin purchase. It’s worth mentioning that with the steady growth of crypto, getting yourself involved in the market has never been easier.