Bitcoin hits $60K for the first time since April after reports of imminent ETF approval

Bitcoin has recaptured the $60k position after a six month period of ups and downs.

Bitcoin has surpassed the $60,000 mark briefly for the first time since April 2021. The price has been boosted by reports suggesting a Bitcoin futures ETF is likely to begin trading in the United States as early as next week. 

Data from Cointelegraph Markets Pro indicate that Bitcoin prices have been on a slow grind upward since the beginning of this month. Before the upward price action began, prices had hovered around $42,000 from Sept. 20 to Oct. 1. The $60,000 mark was first breached on Bitstamp exchange just after 5 AM (UTC), and Bitcoin is now just 7% away from reclaiming its Apr. 14 all-time high of $64,804. The price has since eased slightly and at the time of writing, Bitcoin is trading around $59,500.

Bloomberg reported earlier today that sources familiar with the matter had issued positive indications that the Securities and Exchange Commission is likely to approve several Bitcoin futures ETFs to begin trading next week.

Rumors about the imminent approval saw a price increase of about $7,000 over the past seven days, equating to a 13% increase from $53,000 to $60,000. The sharpest increase was over the past two days, over which time Bitcoin has rallied from about $54,000 up to the current $60,000 high-water mark.

Source: cointelegraph.com