Bitcoin breached the $60,000 mark for the first time since April on growing hopes that US regulators will greenlight the first futures exchange-traded fund for the cryptocurrency.
The digital currency was up 40 percent from a month ago, reaching $60,126, according to Bloomberg News data, which reported that the US Securities and Exchange Commission could allow the ETF to trade next week.
The SEC has rejected attempts to create such an ETF since 2013.
“An SEC Bitcoin ETF approval is a watershed moment for the crypto industry as this could be the key driver for getting the next wave of crypto investors,” said Edward Moya, senior market analyst at OANDA.
An ETF is a financial product that can include different assets and be traded on an exchange like other stock. A futures ETF means the product will be bought or sold at set price at a later date.
The SEC fueled speculation of the imminent approval after writing the following advice on one of its accounts on Twitter: “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”