Bitcoin hits $60,000, nears all-time peak

Increase driven by likelihood US regulators will allow exchange-traded fund for Bitcoin


Reuters October 16, 2021
PHOTO: REUTERS

LONDON:

Bitcoin topped $60,000 for the first time in six months on Friday, nearing its all-time high, as hopes grew that US 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 US ETF for bitcoin, with bets on such a move fuelling its recent rally.

The world’s biggest cryptocurrency rose to $60,407.26, its highest level since mid-April, and was last up 4.9% at $60,177. It has risen by more than half since September 20 and is closing in on its record high of $64,895 hit in April.

The US Securities and Exchange Commission (SEC) is set to allow the first American Bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday.

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

“Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it,” said Chris Kline, Chief Operating Officer and Co-founder of Bitcoin IRA.

“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday,” Kline said. “As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured and reconciled so that it makes sense in traditional finance.”

Published in The Express Tribune, October 16th, 2021.

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