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.
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.