Bitcoin above $59k After Bloomberg says SEC will approve Futures ETF

Bitcoin price surged late Thursday after the Bloomberg report about BTC Futures exchange-traded fund (ETF). The report said that the U.S. Securities and Exchange Commission (SEC) would surely approve BTC ETFs. 

As per the chart by TradingView, the king coin surged by 3.5% within an hour after the reports came out, rising from $57,300 to $59,500.

There is around 40 BTC ETF applications that the SEC is yet to approve with several decision deadlines on futures-linked products. As per Bloomberg’s report, the authorities are anticipated to approve at least a few of them. This will clear the way of trading them.

The SEC does not have to do a formal approval for ETFs to be effective. Under federal law, the filings will become effective if the SEC allows a mandated deadline to pass without asking for any further changes or directing the filing company to pull the application. 

Bloomberg said that it believes that ProShares and Invesco might be getting permission to launch under this law in the upcoming week.

Gary Gensler hinted Bitcoin ETF approval

The price of Bitcoin suddenly rose after the report with a market dominance of 45.8%. Currently, the market is also up by 2%.

In August, SEC chair Gary Gensler hinted at the approval of the Bitcoin ETF. While talking to the Aspen Security Forum, he had said that the new ETF could come soon under the Investment Company Act.

If the ETF gets approved, we can see a huge spike in the price of BTC along with other altcoins. Today after the sudden surge, Matic left its stagnant attitude and rose by 10% within an hour. 

The price surge clearly indicates that bulls have arrived, and we can expect to see a new all-time high for many coins, including the king coin, BTC. Experts are saying that BTC will soon breach its current ATH at $64,000.