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Bitcoin Prices Above $61K; As Bitcoin Future ETFs To Open Cryptos For Mass Investing


Bitcoin, the largest and oldest cryptocurrency, has been witnessing record run and last traded at a price of $61,762, with gains of over 3 percent.

 Bitcoin Prices Above $61K; As Bitcoin Future ETFs To Open Cryptos For Mass Inve

The recent traction in the cryptocurrency has to do with the SEC's approval of Bitcoin ETF. Bitcoin future exchange traded funds (ETFs) in a first for the crypto world has been given a go-ahead by the Securities and Exchange Commission (SEC). This was after the regulator's 5 commissioners met for discussing on the issue. ProShares, which filed for its Bitcoin Strategy ETF this past summer, may be the first to launch next week.

The company filed a post-effective amended prospectus on Oct. 15 and stated that its filing is expected to launch on Monday, Oct. 18, though the fund may not begin trading immediately.

There is a belief that through the bitcoin ETF, the crypto shall be more widely accessible for individuals interested in bitcoin in comparison to the actual crypto as there shall be now a regulated alternative. The product shall track bitcoin futures rather than the price of bitcoin.

Meanwhile, other cryptos traded with only mild gains.

Read more about: bitcoin cryptocurrency
Story first published: Saturday, October 16, 2021, 10:46 [IST]
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