SULAIMANI (ESTA) — Bitcoin on Saturday topped $62,000 for the first time in six months, as hopes grew that U.S. regulators would allow a futures-based exchange-trade fund (ETF).
The world’s biggest cryptocurrency rose to $62,273, its highest since mid-April, and was last up 6.9% at 61,346.
Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, with bets on such a move fueling its recent rally, Reuters reported.
The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, according to Reuters.
Such a move would open a new path for investors to gain exposure to the emerging asset, according to traders and analysts.
“Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it,” Reuters quoted Chris Kline, chief operating officer and co-founder of Bitcoin IRA, as saying.
“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday,” Kline added.
“As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured and reconciled so that it makes sense in traditional finance.”
