BTC hits 6-month high as Bitcoin ETF approval rumors fuel the surge

BTC hits 6-month high as Bitcoin ETF approval rumors fuel the surge
12 months ago
3 mins read

In the early hours of Friday morning, the price of Bitcoin (BTC) surged, propelled by reports that the launch of an exchange-traded fund (ETF) is near.

The advances follow news on October 15 that the US Securities and Exchange Commission (SEC) is poised to approve the launch of a Bitcoin ETF, sources told Bloomberg.

It was also hinted at by the official Twitter account of the SEC’s investor education division, which tweeted about the dangers of trading Bitcoin futures contracts, implying that an announcement was coming.

Bitcoin is currently worth just under $60,000, putting it within striking distance from the all-time high of $64,863 it reached on April 14, 2021, after rising almost 40% since the start of October.

Bitcoin one year price chart: Source: CoinMarketCap.com

Moreover, the latest rise has bolstered the views of some cryptocurrency experts, who projected earlier this year that new all-time highs would be reached by the end of the calendar year 2021.

Crypto insights analyst Will Clemente has recently added to the notion, he tweeted:

“Long term holder Supply Shock ratio is now clearly at the highest it’s ever been.

These next few months are gonna be wild.”

Bitcoin price

Currently, BTC is trading at $59,289, up 3.12% in the last 24 hours and up 8.28% over the previous seven days, according to CoinMarketCap.com.

BTC 7- day price chart. Source: CoinMarketCap.com

In fact, Bitcoin and cryptocurrency investors have been clamoring to establish a Bitcoin ETF for years; an announcement would be a significant step forward. 

Worth mentioning that prominent crypto trader Josh Rager stressed the rumor that:

“Bitcoin futures ETF is said not to face SEC opposition.”

With the spread of rumors growing about regulators unlikely to block the product from trading next week, the picture from @lightcrypto showing “Bitcoin futures ETF said not to face SEC opposition” is making its way through social media platforms and online forums.

Since futures products are regarded more positively by regulators, one of them will probably be authorized first. Chicago Mercantile Exchange (CME) regulates futures trading, which necessitates the deposit of funds on margin by investors in order to trade them.

Global crypto market

Meanwhile, a substantial increase in Ethereum (ETH) price has occurred in recent days, with the cryptocurrency increasing by more than 5% in the past 24 hours. 

Elsewhere, Solana (SOL) saw a roughly 8% increase following the announcement this week that its Breakpoint event in Lisbon from November 7-10, 2021, is sold out. As a result of these price rises, the total value of the cryptocurrency market has surpassed $2.43 trillion, surpassing the value of the world’s most valuable company Apple Inc. (NASDAQ: AAPL).

Finally, on Friday morning, the cryptocurrency market stayed in the green. Currently, the total value of the crypto market is $2.43 trillion, representing a 2.43% rise over the previous day.

Global crypto market 7 day chart. Source: CoinMarketCap.com

Whatsmore, the overall crypto market volume over the past 24 hours was $109.56B, billion, reflecting a 0.79% increase. Meanwhile, DeFi 24-hour volume is 13.25% of the overall crypto market volume at $14.52 billion, whereas all stable currencies’ combined volume is $85.15 billion, or 77.72%.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.