Bitcoin crossed the $60,000 barrier on Friday to push its price towards an all-time high as traders speculated that US regulators would give approval to the first crypto-forward-traded (EFT) fund, sending the bitcoin price up 6% to $61,488, which is the highest value since last April 17. To read more [Bitcoin At The Highest After Breaking The $60K Barrier Again].
Traders are optimistic about the potential opportunities for the Securities and Exchange Commission (SEC) to green-light the first bitcoin futures trading fund, as the commission will likely approve the start of trading in the first cryptocurrency fund starting next week, which will mark a historic victory for the cryptocurrency industry, which has long sought approvals from the highest regulatory and supervisory authorities on Wall Street.
But some analysts have warned against the refusal of supervision of the ProShares fund, which may be reflected in the sharp decline in the price of Bitcoin, and despite the ability of the currency to fly above the value of 65 thousand, which is the highest value recorded in its history, but for some believe that the currency may suffer from a “short-term decline” as they describe it.
Not all cryptocurrencies had an equal leap after the news of crypto-futures funds, with ether, the world’s second-largest currency, up just 0.5% to $3,804, while some like XRP and Ada fell 2%.
Bitcoin and other cryptocurrencies have had a strong year overall, but the world’s largest cryptocurrency has experienced extreme volatility, after climbing to record values in April, and the value plunged sharply following the censorship crackdown on crypto markets and mining in China, read more [Bitcoin Declines After The Chinese Anti-Mining campaign], but since then, the coin has made solid gains and its price has more than doubled since the beginning of the year so far.