Most of the cryptocurrency prices are trading in the green on October 16. The global cryptocurrency market cap is priced at $2.48 trillion with a 4.52% increase over the last day. The total crypto market volume marked a 34.73% increase in pricing at $132.29 billion over the last 24 hours.
Currently, Bitcoin is trading at $61,348 with a dominance of 46.60%, which results in an increase of 1.15% over the last day.
Bitcoin traded over $60,000 for the first time in six months on October 15. The rise initiated the expectation that U.S. regulators would allow a future-based exchange-traded fund (ETF), an initiative that would likely open the path to wider investment in digital assets.
The crypto investors are eagerly waiting for the approval of the first U.S. ETF for bitcoin, associated with bets that are fuelling its recent rally.
Bitcoin, the world’s biggest cryptocurrency rose to $61,869.05, which is regarded as the highest since mid-April and was up by 6.9% at $61,346. The crypto rose more than half since September 20 and is near the record of $64,895 in April.
Reportedly, the U.S. Securities and Exchange Commission (SEC) is likely to allow the first U.S. Bitcoin futures ETF to start trading from next week. This would help investors to gain exposure to the emerging asset, as reported by analysts and traders.
“Crypto ETFs are inevitable. A product like this will eventually come to fruition since there is a demand for it,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.
“It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday. As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured, and reconciled so that it makes sense in traditional finance,” Kline added.