Bitcoin hits $60K for the first time since April after reports of imminent ETF approval

Bitcoin has recaptured the $60k position after a six month period of ups and downs

Bitcoin has surpassed the $60,000 mark for the first time since April 2021. The price has been boosted by reports suggesting a Bitcoin futures ETF is likely to begin trading in the United States as early as next week. 

Data from Cointelegraph Markets Pro indicate that Bitcoin prices have been on a slow grind upward since the beginning of this month. Before the upward price action began, prices had hovered around $42,000 from Sept. 20 to Oct. 1st. The $60,000 mark was first breached on Bitstamp exchange just after 5AM (UTC) and Bitcoin is now just 7% away from reclaiming its April 14 all time high of $64,804.

Bloomberg reported earlier today that sources familiar with the matter have issued positive indications that the Securities and Exchange Commission is likely to approve a number of Bitcoin futures ETFs to begin tradin next week.

Rumors about the imminent approval saw a price increase of about $7,000 over the past 7 days, which equated to a 13% increase from $53,000 to $60,000. The sharpest increase has been seen over the past two days, over which time Bitcoin has rallied from about $54,000 up to our current $60,000 high-water mark.