Bitcoin (BTC) saw its price soar, and that bullish momentum allowed the leading cryptocurrency to briefly break above the $ 60,000 psychological level. According to CoinMarketCap, BTC is up 3.07% in the past 24 hours to hit $ 59,075 during intraday trading.
Almost 100% of Bitcoin supply is profitable again. On-chain metrics provider Glassnode stated:
With Bitcoin attacking $ 60,000 again, only 0.98% of the circulating supply was recently spent at higher prices. With all the volatility, the ups and downs of the last 6 months. 99.02% of all BTC supply is now profitable.
Bitcoin hit a record price of $ 64,800 in mid-April, but an impending correction brought the major cryptocurrency to lows of $ 30,000 a month later.
Why is the SEC – Bitcoin ETF approval important?
According to Bloomberg, the Securities and Exchange Commission (SEC) gave positive indications that it could soon approve several Bitcoin futures ETFs.
This approval is essential as millions of Americans will be able to In addition, the public will see Bitcoin as a legitimate asset class.
Bitcoin Exchange Traded Fund (ETF) is a type of security that tracks the total price of Bitcoin. It allows investors to trade and buy stocks on traditional exchanges, bypassing crypto trading platforms.
An ETF gives investors access to many stocks in the same category, e.g. the banking industry, the technology industry or the oil industry. ETFs offer diversity to the portfolios of investors and offer a mix of investments such as stocks, commodities and bonds.
