Reading Time: 2 minutes

The price of bitcoin (BTC) broke through resistance of US$ 60,000 on Friday morning (15). With the significant appreciation of the cryptoasset in the last 24 hours, the price reached a high of US$ 60,316.38, according to data from CoinMarketCap.

Since April 2021, the bitcoin price had not broken through the US$ 60,000 level in the market via the BTC/USD pair. However, buoyed by the possible approval of a cryptoasset ETF in the United States, bitcoin has accumulated a 35.8 percent appreciation over the past 14 days on the market.

This past Thursday (14), the United States SEC published a message about investments in funds with exposure to bitcoin on Twitter. The market understood the post as a possible signal concerning the bitcoin ETF that awaits approval from the local authority.

Bitcoin ETF in the United States

The United States may soon approve a bitcoin ETF presented by the company Valkyrie Investments. The investment fund dedicated to the cryptoasset will be the first approved in that country after being reviewed by the SEC.

Ahead of the possibility of the ETF’s approval, the price of bitcoin is facing a huge appreciation driven by the investment fund. After surpassing US$ 60,000 recently, there is less than 10% left for the cryptoasset to register a new market record, which so far is around US$ 64,800.

On Thursday (14), the SEC in the United States published a tweet about the risks involving investment funds with exposure to bitcoin. “Before investing in a fund that holds Bitcoin futures contracts, be sure to weigh the potential risks and benefits carefully”. 

For the market, the message can be understood as a signal from the SEC about requests for cryptoasset ETFs awaiting approval from the local authority. With that sentiment, the price of bitcoin has broken US$ 60,000 for the first time in the last six months.

50% appreciation

Like Brazil and Canada – which already trade ETFs with bitcoin and other digital currencies – the SEC-regulated cryptoasset investment fund in the United States will allow bitcoin trading through the stock exchange.

Driven by the possible approval of a cryptoasset ETF by the SEC in the United States, the price of bitcoin has accumulated an appreciation of more than 50% over the past 30 days. Between September 15 and October 15, 2021, the bitcoin price ranged between US$ 29,360.96 and US$ 60,316.38, according to CoinMarketCap.