Bitcoin Soars To $60,000 As First U.S. Crypto ETF Funds Prepare To Launch

Bitcoin traded above $60,000 for the first time since April, ahead of the launch of the first U.S. Bitcoin ETFs.

ProShares Bitcoin Strategy ETF and Invesco Bitcoin Strategy ETF will launch on Tuesday and Wednesday respectively. That is unless the Securities and Exchange Commission (SEC) objects to the filing.

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The SEC could object right up until midnight on Monday. However, most crypto traders anticipate that the U.S. regulator won’t stop the launch.

The U.S. regulator even issued an investor bulletin, to educate investors on the potential risks and benefits of Bitcoin ETFs.

The proposed exchange-traded funds (ETF) will be based on Bitcoin futures rather than the spot price.

This is due to the SEC’s concern about the potential risk of manipulation on the spot exchanges, due to low liquidity.

The expected launch is eight years after American Olympic rowers and entrepreneurs Tyler and Cameron Winklevoss applied to launch the first Bitcoin ETF in the U.S.

Meanwhile, traders have access to almost 50 crypto ETFs worldwide. Sweden, Switzerland, Germany and Canada all approved crypto ETF trading.

More crypto ETFs are expected to launch soon. Cathie Wood’s Ark Investment and Valkyrie have both filed for Bitcoin ETFs.

Exchange traded funds are a type of security that tracks an index, a commodity or an asset. Notable ETFs include the SPDR S&P 500 ETF, which tracks the S&P 500 index. Investors can buy ETFs just like regular stocks, from SEC-registered ETF fund managers.

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