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28 November 2021
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Bitcoin Touched $60K on Reports that SEC-Approved Futures ETF is Closer than Ever

A Bitcoin Futures exchange-traded fund (ETF) could start trading in the US next week, claimed a Bloomberg report.

Following reports that the SEC could greenlight a Bitcoin Futures ETF as early as next week, the price of the cryptocurrency skyrocketed to a six-month high above $60,000.

  • Citing people familiar with the matter, Bloomberg said earlier on October 15th that the Securities and Exchange Commission has changed its year-long negative stance on BTC ETF.
  • The agency has rejected countless applications for an exchange-traded fund tracking the performance of bitcoin in the past several years. However, Bloomberg’s sources claimed that the Commission “isn’t likely to block” a Bitcoin Futures ETF from going live next week.
  • The particular product that is said to be approved is an application made by ProShares and Invesco LTD and, as the name suggests, is based on futures contracts.
  • The SEC’s Chair, Gary Gensler, previously asserted that the futures option provides “significant investor protection” because those contracts are filed under mutual fund rules.
  • It’s worth noting that the number of Bitcoin ETF applications surged this year in the US, following several approvals in Canada and Brazil.
  • Moreover, Bloomberg’s senior strategist Mike McGlone noted last month that the Commission could indeed greenlight a BTC Futures ETF by the end of October.
  • Shortly after today’s report went live, the price of the cryptocurrency reacted with a massive surge from $57,000 to $60,000. Thus, BTC tapped the $60,000 mark for the first time since mid-May.
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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