Bitcoin making bullish run after Bloomberg reported U.S. Securities and Exchange Council (SEC) poised to clear way for first U.S. Bitcoin futures exchange traded fund (ETF).
The news report furfur added the world’s most traded cryptocurrency might have “sufficient” upward momentum to reach record high near $65,000.
According to CoinGecko, bitcoin was up 3.5% in less than an hour testing price level near $60,000.
The SEC is reportedly reviewing fillings of 40 bitcoin ETF linked to futures products, as reported by Coindesk. Bloomberg and some strategist anticipate SEC is expected to approved some of the products after proper securitizing.
However, SEC earlier in a tweet wrote “investors should understand that Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative investment,” and linked a June bulletin. The SEC did not specify about ETF’s in the tweet, however traders took this as a momentum for an upside run.