Bitcoin extends climb above $60,000 threshold on imminent ETF approval

Bitcoin extends climb above $60,000 threshold on imminent ETF approval

Is extending its recent ascent to test a new price record as crypto "hodlers" cheer a futures exchange-traded fund that will start trading this week. The world's largest digital asset by market capitalization rose as much as 5.5% on Monday to trade at $62,667, according to Bloomberg data. Bitcoin pared gains to $61,094 as of 8:20 a.m. ET. The price slipped over the weekend to around $59,000 after scaling the $60,000-level on Friday. In April, bitcoin peaked at its all-time high of $64,869 amid exuberance ahead of the , the largest cryptocurrency exchange in the US, in what many viewed as a milestone for the digital asset ecosystem. This time around, another milestone may just yet push bitcoin's price to its new record high. "Today's spike appears to have been triggered by investors' growing confidence that US regulators will approve the launch of an ETF based on bitcoin futures contracts," Simon Peters, cryptoasset analyst at eToro, said in a note. He continued: "But a rise past $60,000 has been looking likely for a while now after weeks of positive net inflows into bitcoin from institutional investors, a growing migration of bitcoin from short-term holders to long-term holders, and the attendant