According to data published by Coinmarketcap, bitcoin is up by more than ten percent in the last week meaning it now has a market dominance of more than 46 percent and has jumped above $1.1trillion for the first time since May.

The new high of $59,664 at the time of writing means BTC is nearing the $60,000 point, coming close to April’s record high of $64,895.

The surge has given traders the confidence that US regulators will approve the launch of an exchange-traded fund based on its futures contracts.

Bloomberg News reported that The US Securities and Exchange Commission is ready to allow the first US bitcoin futures ETF to begin trading next week.

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