LONDON (Dispatches) - 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 $59,920 per coin on Friday, smashing a five-month high. While it gave up some earlier gains, bitcoin was trading at above $59,000 at 11:00am GMT, showing a 2.6% increase over the last 24 hours, CoinDesk data shows.
Market analysts say that traders are optimistic about the U.S. 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.