Bitcoin rallied overnight and tested the $60,000 mark for the first time since mid-April 2021. The top cryptocurrency is trading less than 10% below its all-time highs and, given the volatile nature of the digital assets, a new record may be reached in a few days. . While cryptocurrencies have been on the rise for some time, a move during the Asian session was very quick, and there is a strong fundamental reason for that.

According to a Bloomberg report, the US Securities and Exchange Commission, the US financial regulator, will not oppose or block applications for exchange-traded funds that will invest primarily in Bitcoin futures. This is great news, as under US law, the regulator does not need to issue full approval, but can simply miss the deadline to take action. Without asking the issuer to make any changes to the presentation, it is equivalent to approval. There are said to be around 40 Bitcoin ETF applications with the SEC and the deadline to review some of them, like the one from ETF provider ProShares, is due next week.

Bloomberg's report also appears to be confirmed by this SEC tweet from yesterday. Source: SEC Investor Ed Twitter

ETFs are passive investment vehicles that have earned investor appeal due to their ease of investing and superior long-term performance over active funds. Assets managed by passive funds are expected to exceed those managed by active funds. Therefore, the launch of Bitcoin ETFs opens the way to the world of cryptocurrencies for many investors who were previously unconvinced of the risks associated with investing in cryptocurrencies (lack of regulation, risk of wallet hacks, etc.)

BITCOIN rallied overnight, but the bullish move was halted at a key psychological level: the $60,000 mark. Apart from its psychological nature, this zone is also marked by the external retracement of 161.8% of the downward correction of September. The first attempt to break above the $60,000 mark was unsuccessful and if the ongoing pullback deepens, the first major support to watch can be found at the lower bound of the market geometry near the 50% retracement of a big push to The Baja released in April 2021 ($46,600 area). Source: xStation5

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Notowania: BITCOIN