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Bitcoin price again nears 60 thousand dollars, cryptocurrency jumps in hopes of getting ETF approval in US

Cryptocurrency Bitcoin in America reached near 60 thousand dollars on Friday. On Friday, the cryptocurrency nearly reached its peak for the first time in six months. The expectation of approval of ETF based on a futures contract in this cryptocurrency by the US regulator has increased. 

Price hiked in anticipation of ETF approval

Cryptocurrency investors are waiting for the approval of the first ETF in bitcoin in the US. Its important role is being considered in the recent rally. It is believed that after the ETF is approved, it will start getting recognition as a mainstream currency. Bitcoin, the world’s largest cryptocurrency, has gained 4.7 percent since April 17. A Bloomberg News report said that the US Securities and Exchange Commission may approve America’s first futures ETF. Trading can start in it next week.

Ben Keslin, Head of Research and Strategy, Asia-based cryptocurrency exchange AAX, says that things are expected to move forward in the fourth quarter in the case of bitcoin ETFs in the US. Several fund managers such as VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Fund have applied to launch a bitcoin exchange in the US. This year crypto ETFs have been launched in Canada and Europe.

SEC Chairman Gerry Gensler said that the crypto market includes many tokens, which can also be unregistered securities. This can lead to price manipulation. Due to this the investment of lakhs of investors can be drowned. A Bloomberg report said that the proposals made by ProShares and Invesco on futures contracts have been filed under mutual fund rules. Gerry Gensler said that investors have a lot of protection under these rules.

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