Why Bitcoin Surged Above $60,000 Today

·2-min read
Why Bitcoin Surged Above $60,000 Today

The price of Bitcoin (CRYPTO: BTC) jumped 7% to more than $61,000 on Friday following a report that U.S. regulators would allow an exchange-traded fund designed to track the popular cryptocurrency to begin trading next week. This news helped to extend a rally in the cryptocurrency's price that has seen it more than double from its recent lows near $30,000 in July. Investors should note, however, that ProShares' proposal is for an ETF that would track the price of Bitcoin futures contracts rather than actual Bitcoin.

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