Bitcoin reaches US$ 60,000 with ETFs expected to be approved in the US – Finance – Tecnoblog

O bitcoin (BTC) crossed the US$ 60 thousand this Friday (15), getting even closer to its historic high. It is the highest price recorded since April, when the cryptocurrency reached its current record of $64.8 thousand. The new impulse is the result of the great expectation of the market for approval of the first ETFs (exchange traded fund) of BTC in the United States next week.

Bitcoin takes back $50,000 (Image: Roy Buri/Pixabay)
Bitcoin (Imagem: Roy Buri/Pixabay)

According to the index CoinDesk, o bitcoin came to be traded for $ 60,326 late this morning, registering a sudden appreciation late last night. The discharge came right after the Bloomberg publish a report suggesting that the US Securities and Exchange Commission (SEC) should approve the country’s first bitcoin ETFs as early as next week, according to sources familiar with the matter heard by the vehicle.

So, the bitcoin soared from $57,000 to $59,000 in less than an hour. The appreciation continued throughout this morning, following the high expectations of the market for the arrival of the long-awaited financial product in the United States. Brazil and Canada, for example, already have bitcoin and ether (ETH) ETFs, but the SEC showed great resistance to approving this type of investment fund.

Bitcoin price in the last 24 hours (Image: Playback/ CoinDesk)
Bitcoin price in the last 24 hours (Image: Playback/ CoinDesk)

SEC approval of bitcoin ETFs raises expectations

With the long-awaited arrival of American bitcoin ETFs, the financial product and cryptocurrency undergo another important legitimation process in the eyes of the global market. SEC approval is an important step, used as a benchmark by other regulatory bodies in many countries.

“News about ETFs is already generating rallies on market expectations for a first approval on Monday. This is pushing up the price of bitcoin,” Vijay Ayyar, head of the Asian market at the Luno cryptocurrency exchange, told CNBC.

At least two bitcoin funds must be approved

Bitcoin (Image: MichaelWuensch/Pixabay)
Bitcoin (Image: MichaelWuensch/Pixabay)

As pointed out by the sources of Bloomberg, who have not disclosed their identities, the ProShares Bitcoin Strategy ETF is one of the funds that must be approved over the next week. It is just one of more than forty applications being considered by the SEC, all with different deadlines for a final decision. The expectation is that at least some of these bitcoin ETFs are approved and get to Wall Street.

This type of investment fund offers greater exposure to cryptocurrency to more traditional investors in the market, being considered safer while attracting more buyers. That said, the expectation is that demand for the digital asset will rise in the coming weeks, inflating its price.

In addition, the SEC does not need to take any formal action to approve ETF applications. Under US federal law, products can go into effect as soon as the agency allows it or at the end of a pre-determined period without making any changes to the registration. In addition to the Proshares ETF, the Bloomberg he also mentioned that Invesco’s proposals should receive the approval next week.

Bitcoin took off in the last 30 days

The last two months were particularly good for the performance of the main cryptocurrencies in the market. Bitcoin plummeted to $40,500 in the second half of September, but not only has it recovered all its losses, it’s also accumulates an appreciation of about 50% since then. The ether (ETH), the second largest digital currency in market value, is another asset that has been going through successive valuations in the same period, being traded this Friday for more than US$ 3,800.

With information: Bloomberg, CNBC

Leave a Comment