Bitcoin surges above $60,000 for first time in six months

The world’s biggest cryptocurrency jumped 6% to $61,488.41, according to Coin Metrics notching its highest level since Apr. 17.

Traders are optimistic about the chances of the U.S. Securities and Exchange Commission giving the green light to the first bitcoin futures exchange-traded fund, according to analysts.

The SEC is likely to allow the first U.S. bitcoin futures exchange-traded funds to start trading next week, a landmark victory for a cryptocurrency industry that has long sought permissions from Wall Street’s top regulator, according to a person familiar with the matter.

Specifically, the person said the SEC isn’t likely to block the ETFs proposed by ProShares and Invesco, which are based on futures contracts and were filed under mutual fund guidelines that SEC Chairman Gary Gensler thinks offer investors significant protection.

The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange on Tuesday, and experts believe the SEC unlikely to object to the product.

The CME bitcoin futures contract for October was last trading at $60,570, up about 4%.

Approval of an ETF that gives mainstream investors exposure to bitcoin would be a landmark for the crypto industry, which has long been pushing for greater acceptance of digital assets on Wall Street.

Not all cryptocurrencies got a boost from the ETF news Friday. Ether, the second-largest coin, rose 0.5% to $3,804 on spot exchanges. However, XRP and ada were both down about 2%.

Bitcoin and other cryptocurrencies have been on a wild ride this year. The number one digital coin hit an all-time high above $64,000 in April, before slumping sharply on the back of a crackdown on the crypto market in China. It’s since staged a comeback and has more than doubled in price so far this year.

SOURCE: CNBC