On the morning of this Friday, October 15, bitcoin came to cross the barrier of 60 thousand dollars, a step that for many is the confirmation of a new bullish raid that could take the most famous cryptocurrency towards 100 thousand dollars.
By transcending the psychological limit of $ 60,000, a place where it had not arrived since April, the price of bitcoin now points to 64,000, its historical maximum and goal that if it is transposed, for the specialists of the crypto ecosystem, it will be the springboard to jump to 100 thousand.
Among the causes of the new run up the price of bitcoin is the expectation of traders that the regulators of the United States will approve the launch of an ETF (exchange traded fund) based on bitcoin futures contracts.
That step would be the movement that the crypto universe is waiting for to solidly connect that space with that of traditional money. If it materializes, it is expected to accelerate the widespread adoption of digital assets across the globe.
Bitcoin, the world’s most relevant cryptocurrency by market volume, rose 5% between Thursday and Friday, to its highest level since April 15. Since mid-September, it has already risen more than 50% and seeks the ceiling of $ 64,800.
As published Bloomberg, the United States Securities and Exchange Commission, the famous SEC, is days away from allowing that country’s first bitcoin futures ETF to go public. It would be next week, hence the growing interest.
The SEC has argued before that the crypto ecosystem is fraught with dangers for investors, especially individuals.
His concern is related to the fact that prices could be manipulated by few people and liquidity could be insufficient, especially when the price of bitcoin, for example, suffers from drastic fluctuations.
It must be remembered that the price of bitcoin in the last two years had losses of 70% followed by gains of 95% and more than 300%.
Day traders are sparking a Bitcoin futures frenzy on ETF bets https://t.co/sFZeyzsePv pic.twitter.com/fDKyCjxhmR
– Bloomberg Crypto (@crypto) October 15, 2021
The SEC has also questioned how the validation of ownership of tokens held by funds and the threat of hackers can be articulated.
According to Bloomberg, there are four futures-backed bitcoin ETFs that could begin trading on U.S. exchanges this October. Meanwhile, dozens of publicly traded cryptocurrency products have already been launched in Canada and across Europe.