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SEC approves bitcoin ETF while digital asset approaches to all-time high

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Relevance up to 07:00 2021-10-19 UTC–4

Following Friday’s meeting, the US Securities and Exchange Commission (SEC) approved the launch of a futures-based bitcoin ETF. The first approved request was from ProShares, a US provider of specialized exchange-traded products, to launch the Bitcoin Strategy ETF.

Notably, the SEC has not publicly announced its decision. The Bitcoin Strategy ETF’s approval is based on ProShares’ updated announcement and the expiration of the 75-day deadline for SEC review.

The main asset of the new ETF fund will be BTC futures on the Chicago Mercantile Exchange (CME) under the ticker BITO. It will be allowed to begin trading on Tuesday, October 19, barring any last-minute complaint from the regulator.

What does this news mean to US citizens? After several years of tedious waiting, a large number of investors from the United States will finally have unlimited access to the digital asset.

During October, bitcoin gained 42% in value following the September decline of 7%. Last month, bitcoin’s price was near $43,820. During July and August, the digital asset grew by 35%. In mid-April, BTC showed a spectacular all-time high of $64,850.

At the time of writing, bitcoin’s price is hovering near $62,000. During the last 24 hours, bitcoin rose by 3%, and during the previous week – by 10%. According to the cryptocurrency exchange Binance, at the opening of Monday’s trading session, bitcoin has increased by 1.6% to $62,080 for the first time above $62,000 since mid-April. At the same time, the current price is only 4.5% below April’s all-time high of $64,850.

Ethereum decreased by 0.3% to $3860.87, Binance Coin jumped by 1.37% to $471.06.

Crypto market analysts said that bitcoin’s breaking through $60,000 turned out to be an overcoming of an important psychological boundary so that today BTC is only a few steps away from its record high. The total capitalization of the digital assets market grew to $2.5 trillion, while the market cap of bitcoin reached $1.2 trillion with the dominance rate approaching 47%.

According to experts, despite bitcoin’s growth in the short term, it will gradually become more and more limited. At the same time, in the long term, bitcoin will face serious resistance amid the desire of investors to take profits in the digital asset market.

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