Buy The Rumour? BTC Rallies To $60K On Reports A Bitcoin Futures ETF Could Go Live Next Week

Buy The Rumour? BTC Rallies To $60K On Reports A Bitcoin Futures ETF Could Go Live Next Week

Bitcoin BTC/USD briefly surpassed the $60,000 mark on some exchanges for the first time in six months after reports began circulating that a Bitcoin Futures ETF could begin trading as early as Monday.

What Happened: According to a report from Bloomberg citing anonymous sources familiar with the matter, the U.S Securities and Exchange Commission (SEC) “isn’t likely to block” these products from trading next week.

See Also: Is Bitcoin a good investment in 2021?

Eric Balchunas, a senior ETF analyst at Bloomberg, said “multiple sources” confirmed the same and a Bitcoin Futures ETF is now “pretty much a done deal.”

In Bloomberg’s view, the ProShares Bitcoin Strategy ETF is likely to be approved first and begin trading on Oct. 18, followed by the Invesco Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF.

Balchunas named the Ark 21 Shares Bitcoin Futures Strategy ETF, a newly filed application from Cathie Wood’s Ark Invest and 21 Shares, in his list of ETFs with the highest potential to go to market first. The analyst expects the fund to begin trading on December 27, 2021.

The SEC also signaled that an ETF approval could be imminent with a Twitter update advising investors to evaluate the risks and benefits of a fund with Bitcoin Futures.

Bitcoin’s price immediately spiked following the news. The leading digital asset was trading at $59,363 at the time of writing, down from an intra-day high of $60,000.

Photo: Jeremy Bezanger on Unsplash

Posted In: CryptocurrencyNewsSpecialty ETFsMarketsMoversMediaTrading IdeasETFs

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month