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Bitcoin tops $60,000, a six-month high, on U.S. ETF expectations

Stock MarketsOct 15, 2021 04:13PM ET
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© Reuters. FILE PHOTO: A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

By Tom Wilson, Alun John and Gertrude Chavez-Dreyfuss

LONDON/NEW YORK/HONG KONG (Reuters) - Bitcoin topped $60,000 for the first time in six months on Friday, nearing its all-time high, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, with bets on such a move fuelling its recent rally.

The world's biggest cryptocurrency rose to $61,869.05, its highest since mid-April, and was last up 6.9% at $61,346. It has risen by more than half since Sept. 20 and is closing in on its record high of $64,895 hit in April.

The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday. Such a move would open a new path for investors to gain exposure to the emerging asset, according to traders and analysts.

"Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it," said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.

"It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday," Kline added. "As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured and reconciled so that it makes sense in traditional finance."

Bitcoin's moves on Friday were spurred by a Twitter (NYSE:TWTR) post from the SEC's investor education office urging investors to weigh risks and benefits of investing in funds that hold bitcoin futures contracts, said Ben Caselin of Asia-based crypto exchange AAX.

Bitcoin on the rise https://fingfx.thomsonreuters.com/gfx/mkt/movanjqkapa/bitcoin.PNG

Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds, have applied to launch bitcoin ETFs in the United States.

The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF.

After months of back-and-forth between the SEC and potential bitcoin futures ETF issuers, the regulator appears prepared to greenlight a handful of filings that will open the door to wider access to cryptocurrencies to retail and institutional investors alike.

Under the rule sets used by the ETF issuers, the SEC does not have to give explicit approval to the ETFs, which can be launched at the end of a 75-day period if the U.S. regulator has no objections.

The 75-day time period for the ProShares Bitcoin Strategy ETF ends on Monday, and the ETF can be launched on Tuesday.

The SEC declined to comment.

Crypto ETFs have launched this year in Canada and Europe, growing in popularity amid surging interest in digital assets.

Futures exchange operator Cboe Global Markets (NYSE:CBOE) Inc applied for a rule change with the SEC that would allow it to list certain complex ETFs. The SEC approved that application on Oct. 1.

SEC Chair Gary Gensler has previously said the crypto market involves many tokens that may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.

Citing people familiar with the matter, the Bloomberg report said proposals by ProShares and Invesco, based on futures contracts, were filed under mutual fund rules that Gensler has said provide "significant investor protections".

"It's one of the final frontiers for mandate access," said Joseph Edwards, head of research at crypto broker Enigma Securities. "Plenty of Americans in particular have strings attached to how they deploy a lot of their wealth. It allows bitcoin to get in on the sorts of windfall that keep U.S. equities as consistently strong as they are."

Bitcoin tops $60,000, a six-month high, on U.S. ETF expectations
 

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Comments (17)
perplexed76 .
perplexed76 . Oct 16, 2021 2:30AM ET
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playmoney investors will gamble with playmoney future. Burn your dollars.
Rodney Dangerfield
Rodney Dangerfield Oct 16, 2021 12:58AM ET
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it's okay everyone to buy cryptocurrency and get rid of physical currency I was guaranteed that nothing would ever happen to the internet or power supply I would tell you who told me but that person disappeared
Sean Brennan
Sean Brennan Oct 15, 2021 6:08PM ET
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It's funny to read all the old folks tbat can't understand why millennials want a money supply controlled by Math, instead of corrupt Gov and Banks. Millennials will inherit 70 trillion of worth in the next 50 years. 50% of millennial millionaires own Crypto. Bitcoin will be worth 600k by the end of the decade and 5 million by 2050. Get in Early.
Sean Brennan
Sean Brennan Oct 15, 2021 6:08PM ET
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Edit inherit 70 trillion in the next 20 years...
Rodney Dangerfield
Rodney Dangerfield Oct 15, 2021 6:08PM ET
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call me crazy but how can someone own something that you can't put in your hand isn't the definition of owning something having possession I don't like Fiat as much as the next guy but the answer isn't to turn to something that's actually much worse this is when the smart person in the room says yeah hold up let's rethink everything we're thinking
Sean Brennan
Sean Brennan Oct 15, 2021 6:08PM ET
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Individuals, societies, governments own many intangible things. Not sure your point on that. If you consider the digital world intangible. The fact that no one can touch it and no one can force it from your corporeal being is part of why Bitcoin is superior to all monetary systems. It transcends physical space, It allows wealth ownership and transfer without a 3rd party and beyond our own finite existence. Bitcoin will outlast every nation and every company. Math is eternal.
Rodney Dangerfield
Rodney Dangerfield Oct 15, 2021 6:08PM ET
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so the internet is eternal you're saying and safe enough to put everyone's financial future on.... that's madness
perplexed76 .
perplexed76 . Oct 15, 2021 6:08PM ET
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brainewashed milenial  math... ahaha
Dave Jones
Dave Jones Oct 15, 2021 4:11PM ET
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doesn't the depiction of bitcoin look like gold!
Rodney Dangerfield
Rodney Dangerfield Oct 15, 2021 2:53PM ET
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yeah cryptocurrency is cool... until somebody shuts your power off people should put everything they own in it then you can be controlled like a drone
Ethan Strong
Ethan Strong Oct 15, 2021 2:53PM ET
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Or just simply diversify. Some gold, silver, gemstone, art, real estate, rare coins, stocks, bullets, water, food, AND BITCOIN!
Rodney Dangerfield
Rodney Dangerfield Oct 15, 2021 2:53PM ET
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Ethan Strong you should try to buy some of the things you listed ... watch what happens
Ethan Strong
Ethan Strong Oct 15, 2021 2:53PM ET
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i already do Dingus
Mark Jannetty
Mark Jannetty Oct 15, 2021 1:55PM ET
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Bernie Madoff made people lots of money until he ran out of suckers
Ethan Strong
Ethan Strong Oct 15, 2021 1:55PM ET
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Strawman fallacy opinion....✅
Ted Byrley
Ted Byrley Oct 15, 2021 1:45PM ET
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I would rather have money backed by taxing power and a military instead of nothing and nothing and then nothing again.  Where is the accountability for god sacks?  Anything a human makes can and will be hacked eventually.  All I have to say is really.?
Mark Jannetty
Mark Jannetty Oct 15, 2021 10:43AM ET
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imaginary money to buy an imaginary ownership of digital *******that is available for free to everyone on the net. can't make this stuff up 🤣
Vinicyus Oliveira
Vinicyus Oliveira Oct 15, 2021 10:43AM ET
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Have fun staying poor!
Millennial Metals
Millennial Metals Oct 15, 2021 10:43AM ET
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Vinicyus Oliveira Brazilians are poor
Jokers R Us
Jokers R Us Oct 15, 2021 10:16AM ET
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You may want to ask yourself why a government ***bent on banning everything under the sun has no interest in regulating crypto
Manan Abass
Manan Abass Oct 15, 2021 9:55AM ET
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Hey I am planing you
Technical Faheem
Technical Faheem Oct 15, 2021 9:55AM ET
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🥳
Joseph Pino
Joseph Pino Oct 15, 2021 8:43AM ET
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totally contrary to why bitcoin was created. it was intended to be an alternative to the existing financial system. now it is being incorporated into the same greed its creators despised.
Jokers R Us
Jokers R Us Oct 15, 2021 8:43AM ET
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until you figure out bitcoin was created by those same people
Millennial Metals
Millennial Metals Oct 15, 2021 8:06AM ET
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Sell the news
Lars Hellman
LarsH Oct 15, 2021 6:15AM ET
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Try ESG on those EFTs, hope BTC will be banned, there are many better.
Monday Eric
Monday Eric Oct 15, 2021 2:28AM ET
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fghfdb
Lars Hellman
LarsH Oct 15, 2021 2:28AM ET
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FJB
James Pattison
James Pattison Oct 15, 2021 1:38AM ET
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Having futures on btc worries me cause now they are going to create supply out of thin air… the finite supply is what makes it so precious… 100k in sight
Jokers R Us
Jokers R Us Oct 15, 2021 1:38AM ET
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finite supply of a meaningless "asset" doesn't make it valuable
Bonney Lake
Bonney Lake Oct 15, 2021 12:54AM ET
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diamond hands, all the suffering well worthy.hodl!!!
bret lafrance
bret lafrance Oct 14, 2021 11:22PM ET
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Let the leverage monkeys loose on bitcoin, hurray...
 
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