Bitcoin ETF news sends price of crypto soaring

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The price of bitcoin has risen following news that US regulators are set to approve the launch of a futures exchange-traded fund (ETF) for the cryptocurrency.

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According to CoinMarketCap’s price index, bitcoin rose by nearly $3,000 in less than an hour on Friday morning, reaching $59,924. It is now less than $5,000 away from its all-time high in April.

According to a Bloomberg report, the Securities and Exchange Commission (SEC) may announce the long-awaited bitcoin futures ETF as early as next week, citing sources close to the matter.

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The official Twitter account of the SEC’s Office of Investor Education also indicated that an announcement is imminent, posting a link to a bulletin warning about the risks of futures trading in bitcoin.

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“Investors should understand that bitcoin, including gaining exposure through the bitcoin futures market, is a highly speculative investment,” it says. “As such, investors should consider the volatility of the bitcoin and bitcoin futures markets.”

The price jump comes amid a major rally for the broader crypto market, which has overtaken its overall market cap to be the world’s most valuable company.

Bitcoin is less than half the value, with a market cap of $1.12 trillion, which puts it above other tech giants such as Facebook and Tesla.

The crypto market is now worth more than Apple

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The crypto market is now worth more than Apple

Bitcoin has experienced gains of nearly 40 percent since the start of October, with some analysts predicting a record-breaking end to 2021.

Will Hamilton, head of trading and research at digital asset management firm TCM Capital, said, “Bitcoin has been holding up very well over the past several days – most likely the bitcoin futures ETF being approved by the SEC.” Granthshala.

“This is going to be a very interesting next several months, with over 16 bitcoin ETFs still awaiting approval from the SEC. Keep an eye on this space.

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Credit: www.independent.co.uk /

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