RT.com
15 Oct 2021, 23:43 GMT+10
The world's most popular cryptocurrency has soared to its highest level since May on Friday, propelled by traders? optimism about a US approval of the first bitcoin futures exchange-traded fund (ETF).
Bitcoin soared to $60,000 per coin as of 14:30 GMT, smashing a five-month high.
Market analysts say that traders are optimistic about the US Securities and Exchange Commission (SEC) authorizing the first bitcoin ETF. They view the possible approval as a landmark for the crypto industry, which has been longing to be accepted by Wall Street with its mainstream investors.
The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange next Tuesday. Experts say the SEC is unlikely to ban the product, but some warn that if that happens, bitcoin could plunge.
"We are at high time frame resistance here around $58-60,000, hence a rejection on the ETF application could send Bitcoin back to $53-55,000 levels. But overall the trend is still bullish and there are a number of other ETF applications in the pipeline as well," Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, told CNBC.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More Information(Photo credit: Bill Streicher-Imagn Images) Edmundo Sosa, Alec Bohm and Kyle Schwarber homered as the Philadelphia Phillies topped...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Ceddanne Rafaela hit a two-run home run as part of a seven-run third inning that carried...
(Photo credit: John E. Sokolowski-Imagn Images) Addison Barger hit an RBI single with two outs in the 11th inning and the Toronto...
(Photo credit: Troy Taormina-Imagn Images) The Memphis Grizzlies agreed to a deal with free agent center Jock Landale, per ESPN....
(Photo credit: Troy Taormina-Imagn Images) Bobby Jenks, a member of the 2005 Chicago White Sox World Series championship team, died...
(Photo credit: Petre Thomas-Imagn Images) The Memphis Grizzlies are trading center Jay Huff to the Indiana Pacers for one second-round...
(Photo credit: Anne-Marie Sorvin-Imagn Images) Since COVID-19 canceled the 2020 CFL season, the Edmonton Elks have tried multiple...
(Photo credit: Kirby Lee-Imagn Images) Sacramento State head coach Brennan Marion reached into Southeastern Conference territory...
(Photo credit: Paul Witwer/Standard-Times / USA TODAY NETWORK via Imagn Images) The Houston Texans announced a $500,000 commitment...
(Photo credit: Ronald W. Erdrich/Reporter-News / USA TODAY NETWORK) Four-star wide receiver Kaydon Finley has committed to Notre...
(Photo credit: Geoff Burke-Imagn Images) Former NFL linebacker Bryan Braman is 'in the fight of his life,' battling a rare and aggressive...
(Photo credit: Isaiah J. Downing-Imagn Images) Colorado coach Deion Sanders, who has been suffering from an undisclosed medical condition,...