Bitcoin Holds Near $85,000 Amid SEC's 3x Leveraged ETP Approval

Bitcoin hovered near $85,000 on Sunday as investors considered a recent U.S. regulatory development. The U.S. Securities and Exchange Commission approved a Cboe BZX rule change allowing the exchange to list six triple-leveraged exchange-traded products from Volatility Shares. These products target three times the daily performance of Bitcoin, Ether, gold, silver, crude oil, and natural gas.

The Bitcoin and Ether products would provide leveraged exposure through futures rather than directly holding the cryptocurrencies. However, the decision does not mean the products are immediately available for trading. Registration requirements must still be completed before shares can be publicly offered.

Investors are also weighing the potential impact of another regulatory proposal, which would change crypto custody rules. Additionally, signs of stronger industry activity are emerging, with 1,241 cryptocurrency job openings recorded in September, up from 382 in July.