Bitcoin Soars Above $60K Amid Speculation SEC Will Approve First US Bitcoin ETFs

Bitcoin was sent rallying above $60,000 Friday morning, amid speculation that the SEC may allow America’s first bitcoin ETF to begin trading as early as next week.

According to CNBC, which cited people familiar with the matter, the SEC is poised to abstain from blocking bitcoin ETFs from Invesco and ProShares, marking a significant milestone for the crypto industry, which has long sought to receive permission from US regulators. The bitcoin ETFs are said to be based on futures contracts and were originally filed under mutual fund guidelines, which SEC Chair Gary Gensler appears to be more receptive to as they offer investors increased protection.

Once officially approved, the funds will allow traders to indirectly invest in bitcoin, and they will be based on bitcoin futures that are currently trading on the Chicago Mercantile Exchange. Up until now, the regulatory body has insisted that the frequent volatility typically accompanying crypto markets poses too much risk for the approval of ETFs and other related funds.


Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

First US Bitcoin ETF to Make NYSE Debut on Tuesday

The price of bitcoin was sent higher on Monday, after the SEC officially greenlighted the...

Monday, October 18, 2021, 04:58:00 PM

Supreme Court Curtails SEC’s In-House Courts: What It Means for Federal Regulation

The U.S. Supreme Court ruled Thursday that the Securities and Exchange Commission (SEC) cannot use...

Thursday, June 27, 2024, 04:34:00 PM

Russia Mulls Selling Natural Resource Exports in Bitcoin

In the wake of tough western sanctions, Russia is being forced to find alternative payment...

Friday, March 25, 2022, 02:56:00 PM

Buffett Shuns Bitcoin Anew: “It Isn’t Going To Do Anything”

Speaking at the annual Berkshire Hathaway (NYSE: BRK.A) shareholder meeting, Chairman and CEO Warren Buffett...

Monday, May 2, 2022, 10:14:00 AM

NexTech AR Looks To Appease Shareholders By Buying Bitcoin

NexTech AR Solutions (CSE: NTAR) this morning is seeking out a means of getting a...

Tuesday, December 29, 2020, 07:51:54 AM