Bitcoin regains $ 60,000 level amid possible SEC backing of cryptocurrency fund

Six months later,

has once again surpassed the

level

buoyed by expectations that the US Securities and Exchange Commission (

) will give the go-ahead to a publicly traded fund of futures of the popular cryptocurrency.

According to

, the SEC is reviewing around 40 ETF options related to bitcoin and the regulator is expected to approve at least some of them, clearing the way for trading to begin.

This information has given the definitive boost to the virtual currency, which accumulated a rise of more than 5% this Friday.

In this way, bitcoin is heading back to its own record, which was set at 64,000

last April and culminates a comeback that not many trusted just a few months ago.

And it is being a year full of volatility for the cryptocurrency.

.

After peaking in April, its price collapsed to $ 30,000 last July.

Since then, their rise has not stopped but neither has it been without obstacles.

Mainly regulatory and mainly from China.

The Asian giant has announced in recent months several measures to restrict the use and operations with cryptoactives, ending up banning them just a month ago.

Its effects, according to experts, are limited.

"Bitcoin closed with the strongest weekly candle in the last 22 weeks, at just 10% of its high price, which is an impressive 100% recovery since its fall in May. This performance shows that any regulatory action from China has only temporary effects, "says

Country Manager at Bitpanda Spain.

According to the weekly analysis prepared by the firm, the US has become the world leader in bitcoin mining after the repression of the sector in China and according to the Cambridge Center for Alternative Finance (CCAF), the country represents 35.4 % of the world's total computing power used to mine bitcoin, more than double the 16.8% recorded at the end of April.

Institutional support

This rebalancing of forces in the market has been supported in recent hours by Russian President

, who has acknowledged in an interview for CNBC that cryptocurrencies such as bitcoin "have value" and could "exist as a means of payment."

However, the president acknowledges that "it is too early to talk about trading oil in cryptocurrencies."

But beyond the specific messages, the main engine of bitcoin cryptocurrencies continues to be the support of

.

An endorsement that began to become apparent in 2020 and that is being consolidated throughout 2021.

The commitment of more and more investment funds, banks and large investors has joined the stream of retail investors who have been making clear their attraction to digital currencies for some time.

A study by the

platform

echoes this appeal and shows that individual investors have once again trusted bitcoin, cardano and ethereum in the third quarter of 2021, maintaining the same positions compared to the previous quarter.

"During the third quarter of the year it has been clearly seen that the position of the first digital tokens is maintained compared to the previous quarter, which supports the confidence of investors in these cryptoactives in particular," said the general director of eToro for Iberia and Latin America,

.

Ethereum

, for its part, maintains its climb towards $ 4,000, although this Friday it corrects slightly more than 0.5% and stands at 3,795

.

Cardano is trailing the session almost flat ($ 2.22) and XRP is down more than 1.2% to $ 1.10.

ETH lost a bit of its lead against BTC

- Bitcoin's strong rally was in the limelight and has put altcoins on the sidelines as traders were shifting their funds to BTC.

ETH's dominance fell below 18%, but the price rose above 3,000 euros, marking a 120% recovery from the May crash.

The price of ETH is now approaching the September high of 3,350 euros, which is the last resistance before the 3,600 euro level, the highest of all time, reached on May 12 of this year.

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