Bitcoin price rises on Bitcoin ETF approval news

In a few days, the SEC will decide whether to buy two Bitcoin futures ETFs will approve. Bloomberg analysts say this is indeed the case. As a result, the BTC price skyrocketed last night.

“Two Bitcoin ETFs Will Be Approved Next Week”

Yesterday Bloomberg reported (using anonymous sources) that the SEC is likely to start approving ProShares and Invesco ETFs next week. This news sent Bitcoin price skyrocketing to a high of $59,800.

If the SEC allows the futures ETFs, they will be the first Bitcoin ETFs approved in the US. This move is seen as a first step towards mainstream adoption. An ETF will give investors the opportunity to gain exposure to the Bitcoin price without actually having to buy BTC tokens.

Newly appointed SEC chairman Gary Gensler has been speaking more publicly in the past month about his views on regulating crypto. Most of what he said worried crypto investors, including that he wants to regulate stablecoins and that he believes most cryptos are like securities.

However, regulating the crypto world can also bring benefits. If Gensler is about to approve two Bitcoin futures ETFs, it will be a huge step forward for the crypto industry.

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