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Bitcoin hits six-month high with a run on $60,000 mark

By Neil Dennis

10:27, 15 October 2021

Bitcoin token
The SEC is expected to approve bitcoin exchange traded funds – image: Shutterstock

Bitcoin made a fresh run on the $60,000 level on Friday, taking the world's biggest cryptocurrency by market capitalisation to its highest mark since April.

According to data from Coinmarketcap.com, the price of bitcoin rose as high as $59,924 on Friday, stopping fractionally short of the key $60,000 level that has provided tough resistance for several days.

Bitcoin ETFs

The latest drive higher was underpinned by hopes that US regulators are close to approving the first bitcoin exchange traded fund (EFT).

After several years of campaigns, proposal filings to the Securities and Exchange Commission (SEC), delayed decisions and refusals, the SEC now appears ready to give the go-ahead to two bitcoin ETFs proposed by ProShares and Invesco.

“The fact that the US regulators could soon give a green light for bitcoin ETFs is boosting optimism,” said Ipek Ozkardeskaya, analyst at FXStreet.

She added: “The weekend looks promising for Bitcoin, which is now testing the $60,000 mark, and will certainly claim a fresh all-time high very soon.”

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DOGE/USD

0.47 Price
+14.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

BTC/USD

98,959.20 Price
-0.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,422.06 Price
+2.890% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

XRP/USD

1.56 Price
+6.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

SEC Tweet

Adding weight to expectations the SEC will soon approve the bitcoin ETFs was a posting on Twitter by the US regulator that said:

“Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

Barry Silbert, founder and chief executive of Digital Currency Group, which runs cryptocurrency asset manager Grayscale Investments with around $50bn in digital assets under management, responded: “Game on.”

By midday in London the bitcoin price had eased back to trade around 3% higher at $59,156.

Read more: Bitcoin goes over ,000 on US ETF approval report

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