BitcoinThe stock index climbed to a 5-month high on Friday, just inches from reaching $60,000.

It reached $59,920, its highest point since May. 10. It failed to surpass the $60,000 mark.

According to Coin Metrics data, Bitcoin traded 2.5% higher in the past 24 hours at $59,112, an increase of 2.5%

According to analysts, traders believe that the U.S. Securities and Exchange Commission will give the green light for the first bitcoin futures exchange traded fund.

It is likely that the SEC will not block products trading next week. Bloomberg reportedCiting anonymous sources. CNBC could not independently verify this report.

The approval of an ETF giving mainstream investors access to bitcoin would mark a significant milestone for the cryptocurrency industry. This sector has been long pushing for more acceptance of digital assets on Wall Street.

Markets are expecting approval of the ETF news on Monday. CNBC’s Vijay Ayyar spoke out about the rising price of cryptocurrency. He is head for Asia Pacific at Luno.

We are however at high resistance around 58-60K. Therefore, a rejection of an ETF application could see Bitcoin revert to the 53-55K level. The trend is bullish overall and there are many other ETF application in the pipeline.

ETF news Friday did not give a boost to all cryptocurrency. Ether rose 3.7%, to $3,777, becoming the second largest coin. However, the XRP fell by 0.6% and ada dropped 0.3%.

This year has been a rollercoaster ride for Bitcoin and other cryptocurrency. In April, Bitcoin reached an all-time high near $65,000 before plummeting due to China’s crackdown on cryptocurrency markets. The price has more than doubled this year.

This year’s increase in interest has led to regulators taking a harder line regarding crypto. There has been some resistance from the crypto industry, however. CoinbaseThis Thursday calling on the U.S. to create a new regulatorDigital assets can be monitored.

Jon Cunliffe, Bank of England’s Deputy Governor, spoke earlier this week warned cryptocurrencies could spark a global financial crisisSimilar magnitude as the 2008 crash.

Cunliffe stated Wednesday that “when something is happening in the financial sector, it’s growing rapidly and in an largely unregulated area, then financial stability authorities need to take note.”