Bitcoin rose late Thursday after Bloomberg reported that a bitcoin futures exchange-traded fund (ETF) would be approved by the US Securities and Exchange Commission (SEC).
According to CoinGecko, the top cryptocurrency rose 3.5 percent in less than an hour, approaching $60,000 for the first time since May.
The SEC is now evaluating around 40 bitcoin ETF applications, with several decision deadlines on futures-linked products approaching next week. Bloomberg reports that the regulator is likely to approve at least some of them, paving the door for trading to begin.
To accept the submissions, the SEC does not need to take any official action. Applications may become effective under federal law if the SEC lets a required deadline pass without demanding modifications or ordering the prospective issuer to withdraw the file.
Bloomberg identified ProShares and Invesco applications as two ideas that may be permitted to start under this legislation next week.