$BTC.X climbed above $60,000 for the first time in six months as traders speculated that the SEC would clear the first-ever Bitcoin futures ETF. The largest cryptocurrency surged as high as $62,626, notching its highest level since Apr. 18, 2021. 😁
The speculation was prompted after the SEC’s Office of Investor Education and Advocacy published a tweet on Thursday saying “before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”
Investors took the tweet to mean that the SEC would be approving one or multiple Bitcoin ETFs. The agency has been reviewing over a dozen Bitcoin ETF filings, including Bitcoin futures ETF applications. Bloomberg reported that the regulator is expected to approve at least four futures-backed Bitcoin ETFs this month. 🤗 The report specifically named applications by ProShares and Invesco which could be allowed to launch next week.
Bitcoin is notorious for gaining momentum in October. The flagship cryptocurrency hit an all-time high above $64,000 in April before declining sharply after a crackdown on the crypto market in China. It dropped below $30,000 in July. Since then, it has more than doubled its price.