BTC Touched $60K On SEC-Approved ETFs Rumors Expanding

BTC touched $60K briefly as the rumors about an upcoming Bitcoin ETF are growing as we reproted previously in our Bitcoin news.

The Bitcoin futures exchange-traded ETF could start trading in the US next week as per reports from Bloomberg and the reports said that the SEC could approve a Bitcoin Futures ETF as early as next week so BTC touched $60K on the news. Citing people familiar with the matter, Bloomberg said that the Securities and Exchange Commission changed its negative stance on the ETF approval. The agency rejected countless applications for an Exchange-traded fund tracking the performance of BTC in the past few years but the sources claimed that the Commission is not likely to block an upcoming Bitcoin Futures ETF from going live next week.

The particular product that is approved is an application made by the companies Invesco and ProShares and they are based on futures contracts. SEC Chair Gary Gensler asserted that the futures option provides huge investor protection because these contracts are filed under the mutual fund rules. It is worth noting that the number of BTC ETF applications surged this year in the S after a few approvals in Brazil and Canada. Bloomberg’s senior strategist Mike McGlone noted that the commission will approve a BTC Futures ETF by the end of this month. Right after the report emerged, the price of the cryptocurrency reacted with a huge surge from $57,000 and $60,000 so BTC tapped the $60K mark again for the first time since May.

As recently reported, Ripple, Polkadot, Dogecoin, Solana, Terra, and Uniswap as well as Litecoin and Avalanche lost more value since a day ago. XRP sits at $1.1 while SOL sits at $143. DOGE Is below $0.23 while LUNA dumped below $40 and UNI at $23. Even more losses were seen from altcoins like Ren as it lost 15%, IOTA lost 12% and THORChain lost 11%. THETA lost a chunk as well by 10% and Avalanche by 10%. however, the market shed off around $60 billion in one day but managed to back up by $2.3 trillion.

Bitcoin reached $58K and its performance is contrasted with the altcoins over the past few days. This is supported by the increasing BTC dominance which tapped a two-month high at 47%. just for reference, this metric fell below 44% two weeks ago and the main digital asset was slow but added a few chunks of value since it broke above $50,000. it managed to jump to $55,000 and touched $56,000 in the next few days to chart a new five-month high.