SEC Approval of Bitcoin Futures ETFs Sends Bitcoin Price Skyrocketing

The news has caused Bitcoin’s price to cross the $60,000 mark for the first time since April

The US Securities and Exchange Commission (SEC) is on the verge of approving the first Bitcoin futures exchange-traded fund (ETF), as reported by Bloomberg quote Sources report.

According to sources familiar with the development, the US regulator will allow Bitcoin-linked products submitted by ProShares and Invesco to trade as early as next week.

The news that the SEC will approve Bitcoin ETFs has significantly lightened the mood among investors after nearly a decade of waiting, as the authority has either rejected several applications or postponed its decision since 2013.

According to the However, ETF analyst Eric Balchunas says the SEC is not against Bitcoin futures ETFs, and approval for at least one of the exchange-traded funds mentioned above is a “pretty much a done deal“.

SEC Tweet and Bitcoin Price surge above $60k

The report of Bloomberg the upcoming approval of a Bitcoin futures ETF coincided with a warning to investors by the SEC’s Investor Education Office.

In a Tweet,on Thursday, investors were urged to “the potential risks and benefits” of investments in BTC or funds holding Bitcoin futures contracts, carefully weigh. It’s not the first time the SEC has tweeted this warning, but according to Balchunas, the timing points to a decision.

“NOTE: The last time the SEC tweeted this bulletin was on 7/26, a day before ProFunds’ Bitcoin strategy mutual fund went into effect on 7/27 [] and two days before it was hung up on 7/28. If the pattern continues, the ProShares ETF will trade on Monday or Tuesday…“, sagte he.

In the hours following the regulator’s announcement and reports that the approval was a “done deal,” Bitcoin’s price skyrocketed.  According to CoinGecko’s data, the value of the benchmark cryptocurrency hit its highest level in six months at $60,018.76.

At the time of writing, Bitcoin is trading around $59,875, with the bulls likely to try to re-hit the all-time high of $64,804.72 reached on April14.

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