Bitcoin has approached the $60,000 level due to several press reports that SEC-approved ETF futures approval is closer than ever.

After reports that the Securities and Exchange Commission may give a green light to bitcoin futures ETFs as early as next week, the price of bitcoin surged to a six-month high near $60,000.

As the price of Bitcoin reached the level of $59,880, according to “coinmarketcap”.

Citing people familiar with the matter, she told:BloombergEarlier on October 15, the SEC had changed its negative stance throughout the year on the Bitcoin ETF.

The SEC has rejected countless applications for an exchange-traded fund (ETF) that tracks Bitcoin’s performance in the past several years.

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Bloomberg sources have claimed that the authority is unlikely to prevent a Bitcoin futures ETF from operating next week.

The particular product said to be approved is an app by ProShares and Invesco LTD for Bitcoin futures.

Securities and Exchange Commission Chairman Gary Gensler previously emphasized that futures options provide significant protection to investors because these contracts are offered under mutual fund rules.

It is worth noting that the number of Bitcoin ETF applications has increased this year in the US, after several approvals took place in Canada and Brazil.

Additionally, Mike McGlone, chief strategist at Bloomberg, indicated last month that the SEC could already give the go-ahead for a bitcoin futures ETF by the end of October.

Shortly after the publication of the Bloomberg report, the price of the cryptocurrency reacted with a significant increase from $57,000 to nearly $60,000.

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A level that bitcoin hasn’t seen since mid-May.

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