Following the biggest weekly closing candle in market history, Bitcoin markets are starting to heat up.
For most of the weekend, Bitcoin prices remained over $60K, but a late Sunday fall threatened to wipe away previous gains. The drop to $59K did not stay long, as BTC prices were already marching higher during the Asian trading session on Monday morning.
The candle finished at $60,856, surpassing the previous weekly high set in early April.
By mid-April, BTC values had climbed to an all-time high of about $65,000. Bitcoin is barely 4% away from setting a new price high, with a current $62K.
The Bitcoin ETF is gaining traction
The rising possibility of a Bitcoin futures exchange-traded fund being authorized by the US Securities and Exchange Commission has fueled recent excitement.
The ProShares Bitcoin Strategy ETF is expected to begin trading on October 18. The Invesco Bitcoin Strategy ETF may be authorized on Oct. 19, making it the second in as many days.
On Oct. 25, the decision deadline for two more VanEck and Valkyrie exchange-traded products approaches, so there might be many of them debuting at the same time.
The decision is significant in the crypto sector because it legitimizes an asset class that banking authorities have widely shunned. The next stage is to have a physically-backed Bitcoin ETF approved by regulators, and Grayscale is reportedly working on one now.