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The price of Bitcoin jumped towards its all-time high on Friday morning


18 Oct 2021

#Bitcoin

The price of Bitcoin jumped towards its all-time high on Friday morning after a Bloomberg report said the US Securities and Exchange Commission (SEC) is set to allow a US Bitcoin Futures ETF to begin trading next week, citing people familiar with the matter. Hopes that a Bitcoin futures ETF would be approved by the SEC have supported the price in recent weeks. Some exchanges show the world’s largest cryptocurrency reached $60,000 on Friday morning following the Bloomberg story. Bitcoin previously hit an all-time high in April of $64,778.

The approval of a Bitcoin ETF would give more opportunity to traders willing to invest in cryptocurrencies without the risk of buying the physical asset and is seen as a major stepping stone on the path for cryptocurrencies to become a mainstream financial market asset.

There are a number of fund managers with applications for a Bitcoin futures ETF including ProShares, Valkyrie, Invesco, and VanEck. Earlier this week, Cathie Wood’s ARK Invest also filed for a Bitcoin futures ETF.

SEC Tweet

Further adding weight to the argument that the first Bitcoin futures ETF will begin trading was a tweet from the SEC’s Investor Education Office. 

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

It is worth nothing that one of the previous times the SEC tweeted out this bulletin was two days prior to the Bitcoin Strategy Mutual Fund BTCFX begun trading. Some analysts have taken this as a signal that a Bitcoin futures ETF will begin trading imminently. At 11:00BST, Bitcoin was trading just off its daily high at $59,366.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 91.2% 10 $26 880.37 -0.11% 2.52% $521 207 950 673 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90% 5 $1 862.41 0.18% 4.02% $223 946 300 992 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000168 -0.02% 0.03% $83 236 325 280 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 96% 1 $304.82 -0.27% 0.25% $47 508 351 019 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000069 0% 0.02% $28 856 163 592 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 37 $0.504767 -0.22% 12.47% $26 239 506 800 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 92.4% 10 $0.364637 -2.18% 2.22% $12 719 876 147 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 86% 17 $0.071674 0.64% 2.29% $10 004 786 652 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 82.4% 35 $0.892550 0.70% 1.16% $8 282 393 470 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 82.4% 29 $20.68 0.89% 7.46% $8 201 498 865 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 81.6% 37 $0.075037 -0.51% -3.01% $7 629 482 435 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 77.6% 37 $94.96 6.81% 12.21% $6 936 825 862 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 82.8% 33 $0.075005 -0.50% -3.12% $6 766 858 517 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.8% 10 $5.23 -1.01% -0.14% $6 224 782 114 DOT 7 days price change

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