Bitcoin surpasses $60,000, nears record as US ETF hopes spur up

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Bitcoin surpasses $60,000, nears record as US ETF hopes spur up

On Friday, Bitcoin, the original cryptocurrency, had topped a critical psychological switch of $60,000 for first time in more than six months, largely boosted up over optimism that the US regulators might enable trading of futures-based ETFs (Exchange Traded Funds), a move that would likely to pave ways for a broader investment in digital assets.

In factuality, crypto investors were awaiting an approval for first US ETF of bitcoin, as bitcoin has been hovering at a tight range above $50,000 over recent past amid growing bets on such a move from the US regulator.

A Bloomberg News report had unveiled on Thursday that the US SEC (Securities and Exchange Commission) had been set to give a go-ahead signal to first ever US bitcoin futures ETF as early as next week, spurring up market participants’ optimism.

Aside from that, another bunch of cryptocurrency investor who usually views digital assets as a hedge against a higher inflation and wages gamble on digital currencies over hopes of a higher turnover, had been swamping on crypto assets since September 21-22 US Fed policy meet that had hinted signs of a possible rate-hike by mid- to end-2022 in context of a long period of a higher inflation.

Bitcoin spirals above $60,000-mark

Citing statistics, on Friday’s late-afternoon US trading hours, Bitcoin was trading 8.65 per cent higher to $62,230, the strongest since April 17 and well en-route to top a record high of $64.895 huddled in April, while Bitcoin’s smaller rival Ethereum was last trading 3.12 per cent higher to $3,874.1.

Meanwhile, expressing an out and out optimism over a US bitcoin futures ETF, Chief Executive of data firm CryptoCompare that traces ETF products, Charles Hayter said, “ETFs open up a raft of avenues for people to gain exposure, and there will be a swift move to these structures”.