19.10.202110:09 Forex Analysis & Reviews: SEC to approve Bitcoin ETFs this week

Bitcoin traded above $ 60,000 on Friday amid growing confidence that ETFs will be approved.

Bloomberg reported that the Securities and Exchange Commission said it intends to authorize Bitcoin ETFs in the US this week, and is unlikely to block the trading of products. The recent offers of ProShares and Invesco, for example, were based on futures contracts, which distinguishes them from previously rejected projects.

The announcement came after the SEC tweeted: "Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits."

This raised hopes that Bitcoin ETFs will be approved soon, more than eight years after the Winklevoss twins first requested approval.

As such, the world's largest cryptocurrency, having had a volatile year even by its own standards, hit its highest level since April, trading nearly $ 60,000.

But according to William Morris from GlobalBlock, new entries may emerge: "All-time highs of nearly $ 65,000 will be the next resistance level before a potential price discovery phase. While the BTC price has fiercely rallied over the past few weeks, bitcoin balance on exchanges remains at the lowest levels in nine months, indicating investors are holding bitcoin in wallets rather than readying themselves to sell. "

Meanwhile, earlier this week, Bank of England Deputy Governor John Cunliffe called for urgent regulation and warned that a crypto collapse could trigger a financial crisis.