Bitcoin price continued to surge on Monday after asset manager ProShares had hinted that it might launch a Bitcoin futures exchange-traded fund as soon as October 18. The world’s largest cryptocurrency by market capitalisation topped $62,000 on on October 16 for the first time since April, on the news that the Securities and Exchange Commission might approve a bitcoin futures exchange-traded fund soon. However, the regulator had not officially approved the creation of bitcoin futures ETF as of now.
On October 18, Bitcoin price jumped 1.97 per cent in the last 24 hours to $62,150.63, according to coinmarketcap.com. The popular cryptocurrency rose 12.48 per cent in the week ending October 17 at $61,504.0. “Bitcoin has been on a tremendous bull run since more than a week. Bitcoin rallied close to the $63,000-mark ahead of speculation regarding the Bitcoin Futures ETF launch on Monday, 18th Oct, 2021. Bitcoin has broken out of the channel pattern and we can expect the momentum to continue into the week ahead. The next resistance is expected at $63,000," said WazirX Trade Desk.