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Monday, November 29, 2021
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ETF approval could create ‘huge’ demand for bitcoin

Bitcoin hit $60,000 for the first time in six months on Friday (October 15), nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, with bets on such a move fuelling its recent rally.

The world’s biggest cryptocurrency rose 4.5% to its highest level since Apr. 17, and was last at $59,290. It has risen by more than half since Sept. 20 and closing in on its record high of $64,895 hit in April.

The U.S. Securities and Exchange Commission (SEC) is set to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday (October 14).

Such a move would open a new path for investors to gain exposure to the emerging asset, traders and analysts said.

(Production: Aleksandra Michalska)

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