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Bitcoin Hovers Near $60,000 on Imminent SEC Bitcoin ETF Approval

Bitcoin edges closer to $60,000 following a report that a bitcoin futures exchange-traded fund is set to clear the U.S. Securities and Exchange Commission.

Bitcoin continued its rally on Friday, gaining more than 3% in early trading following a Bloomberg report that a bitcoin futures exchange-traded fund will clear the U.S. Securities and Exchange Commission.

The top cryptocurrency by market capitalization was up 2.79% at $59,259.20, according to CoinGecko. On Thursday, the digital currency climbed more than 3.5% in less than an hour, nearing the $60,000 mark for the first time since May.

Bitcoin surged on Thursday following reports that the SEC will approve at least some of the 40 bitcoin and cryptocurrency-focused ETF applications it is currently reviewing, clearing the way for at least some of them to begin trading in the U.S.

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

Bloomberg named applications by ProShares and Invesco as two proposals that may be able to launch next week. To date bitcoin ETFs have not been approved for trading in the U.S., though they do exist in Canada and other markets, prompting some investors including Ark Invest's Cathy Wood to look elsewhere for bitcoin and crypto exposure via ETFs.

Indeed, ARK Invest earlier this week filed some changes for its ARK Next Generation Internet ETF  (ARKW) - Get Free Report and has allowed the fund to gain exposure to cryptocurrencies through Canadian Bitcoin ETFs instead of waiting for the SEC, according to TheStreet Crypto.

Bitcoin got an added boost on Friday following comments from Jurrien Timmer, Fidelity's director of global macro, who told Yahoo Finance live that he sees the digital token hitting $100,000 by 2023.

Timmer noted that bitcoin’s more recent momentum has in large part been driven without the help of momentum chasers, “…which I think is a good sign because it means there is something else making bitcoin go up.”

That something else: demand for bitcoin and its network, said Timmer.

“When I come up with $100,000 [for bitcoin prices], that's a conservative estimate based on the intersections of my supply model and my demand model,” he said.

George Soros's Soros Fund Management last week disclosed that the family office division of the firm holds bitcoin.