Bitcoin Makes Run Toward Record High Amid ETF Exuberance

Bitcoin Makes Run Toward Record High Amid ETF Exuberance

Bitcoin-to-the-moon traders are back with a vengeance as the cryptocurrency approaches its all-time high and demand jumps for bullish contracts across crypto exchanges.



The world’s largest digital token has surged some 8% over Friday and Saturday to about $62,100 — taking this month’s rally to over 40% — after Bloomberg News reported the U.S. Securities and Exchange Commission looks poised to allow the country’s first futures-based cryptocurrency ETF.



As institutional and retail demand grows for the more than $1 trillion asset, speculators are eyeing a return to April’s $64,869 record peak while premiums are rising for derivatives betting on higher prices.



“The U.S. was always the big prize and signals further regulatory validation and acceptance of cryptocurrencies,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Momentum is clearly with Bitcoin right now and it’s only a matter of time before the April high is taken out.”



All month long, speculation of imminent ETF approval has driven up Bitcoin, helping it outperform smaller tokens to reclaim 46% of the crypto ecosystem’s total market value. An exchange-traded fund is expected to draw more interest from investors that prefer buying a familiar, regulated product over navigating digital-currency exchanges.



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