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Bitcoin approaches all-time high but hits resistance at $60,000 By Investing.com

by Mike Robinson

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© Reuters.

By Samuel Indyk

Investing.com – The price of jumped towards its all-time high on Friday morning after a Bloomberg report said the US Securities and Exchange Commission (SEC) is set to allow a US ETF to begin trading next week, citing people familiar with the matter.

Bitcoin Futures ETF

In recent weeks, the price rose on hopes that an ETF for Bitcoin futures would be approved and granted approval by the SEC. Some exchanges show the world’s largest cryptocurrency reached $60,000 on Friday morning following the Bloomberg story.

Bitcoin reached an historic high of $64,778 in April.

A Bitcoin ETF approval would provide traders with more opportunities to invest in cryptocurrency without taking on risk. It is also seen as an important step forward for cryptocurrencies becoming a mainstay financial asset.

A number of funds managers have submitted applications to a Bitcoin futures ETF, including VanEck, Valkyrie and Invesco. Earlier this week, Cathie Wood’s ARK Invest also filed for a Bitcoin futures ETF.

SEC Tweet

Further adding weight to the argument that the first Bitcoin futures ETF will begin trading was a tweet from the SEC’s Investor Education Office.

“Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,” the tweet said.

The fact that the bulletin was sent out by the SEC twice previously is not surprising. It came two days after the Bitcoin Strategy Mutual Fund started trading. Analysts interpret this to indicate that the Bitcoin Strategy Mutual Fund will soon begin trading.

Bitcoin trades at 11:00BST just below its daily peak of $59 366

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