Bitcoin to Hit $65K as Futures BTC ETF Readies to Run

The Security and Exchange Commission blocked an ETF for Bitcoin for quite some time. But two months after SEC chairman, Chair Gary Gensler stated that he is open to the idea of a crypto ETF, fund managers such as ProShare and Invesco filed to operate Bitcoin (BTC).

In detail, ProShare reveals the Bitcoin Strategy ETF will trade under BITO soon. Further, it stated that the proposed ETF will commence even today, as long as SEC does not stop its launch. More so, ProShare indicated October 18, as the date set for the public offering of the ETF, denoting SEC approved bitcoin ETF.

In addition, ETF like BITO will hold futures contracts signaling bets on whether the price of Bitcoin will rise or fall. To note, futures are traded on and regulated by Chicago Mercantile Exchange.

Importantly, Bitcoin (BTC) is swiftly climbing to hit a new all-time high since the last rise in April 2021. Above all, the last two weeks of October have been really good in the crypto market. BTC moved away from $45 to almost hitting $65 and gaining more traction worldwide     

The price of Bitcoin climbed as high as $62,614.66 per unit according to data from CoinMarketCap. Now, the cryptocurrency is $2,00 plus away from the $64,804 record six months back. Certainly, Bitcoin recovered since it dipped to $30,000 in July.

That is to say, Bitcoin doubled in price after months of struggling. However, many attribute this price rise to its widespread adoption. On the other hand, some suggested that the rumor of the US SEC planning to approve a bitcoin ETF is one factor that impacted the surge. Coupled with mainstream investors diving into crypto.

Bitcoin’s adoption rose up to 881% this year compared to the prior. Records show that 15,000 businesses around the world accept payment in Bitcoin (BTC). Meanwhile, countries such as El Salvador first legalized Bitcoin, and few other countries like Brazil are gearing towards making the crypto legal.

The global adoption of crypto, especially Bitcoin has been intense. This hereby solidifies the claim by analysts that crypto is here to stay. Judging from the position of the crypto, Bitcoin is finally heading to the $100 prediction soon, if not before the end of this year.

Source: https://coinquora.com/bitcoin-to-hit-65k-as-futures-btc-etf-readies-to-run/