Bitcoin Now Trading At $59k As It Closes In On Its All-Time High

Bitcoin eyes the $60k level

Bitcoin's all-time high level of $64k is now within a touching distance of the cryptocurrency following its recent rally. Bitcoin is up by more than 3% over the past 24 hours and is now trading above the $59k level. 

The rally comes after an impressive start to the fourth quarter of the year, with Bitcoin surpassing the $50k level after dropping below $30k in July. The cryptocurrency market's total market cap is now around $2.5 trillion, with more people entering the market.

One of the major reasons for the recent rally is a Bloomberg report that revealed that the US SEC would approve a Bitcoin futures ETF this month. The regulatory agency is currently reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. 

According to the Bloomberg report, the regulator is expected to approve at least some of them, clearing the way for trading to begin. Bloomberg's report came a few hours after the SEC advised users about investing in cryptocurrencies. The SEC said in a tweet via its investor education account that "Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits."  

This latest development doesn't come as a surprise as the SEC chair Gary Gensler has stated on numerous occasions that he favors a Bitcoin futures ETF over an actual Bitcoin ETF. Bitcoin futures ETFs differ from Bitcoin ETFs since they are based on futures contracts and are filed under mutual fund rules.

Bitcoin is expected to top the $60k level soon and could rally further over the coming hours. Most market experts and analysts believe that Bitcoin could surge towards the $100k level before the end of the year.