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Bitcoin holders pocket $90bn amid surge induced by impending U.S approval

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Positive sentiment in the Bitcoin market continued for another week as report circulated that the United States’ Securities and Exchange Commission (SEC) will most likely clear bitcoin futures exchange-traded fund (ETF).

The ETF are basket of securities, while Futures is an agreement to buy or sell assets at an agreed price on or before a specified date in the future, regardless the value of the asset at the specified time.

The U.S SEC had received about 40 bitcoin Futures ETF applications for review to trade, with each having their separate deadlines for approval. The bitcoin Futures applicants face the possibility of rejection or getting notice to implement changes in order to be allowed to trade.

READ ALSO: Bitcoin investors hold off China’s ‘negative’ impact, as October boost crypto surges 30%

However, if the multiple deadline for next week passes, the applications become effective due to U.S federal law. And according to Bloomberg on Friday, some of these filings will be cleared, stating that firms like ProShares and Invesco will be allowed.

The report boosted bitcoin investors confidence, as long positions continued with holders in the cryptocurrency community. This propelled bitcoin’s price value to $59,961 within 24hour, the closest it has been to $60,000 since May 2021, when the price bubble, which started in H2 2020, burst.

As of the time of filing this report, the market cap was hovering around $1.12 trillion, against the $1.03 trillion it traded on Wednesday, thus, gaining $90 billion in three days, but currently sells at $59,450 per coin.

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