Bitcoin soared to $60,000 per coin as of 14:30 GMT, smashing a five-month high.

Market analysts say that traders are optimistic about the US Securities and Exchange Commission (SEC) authorizing the first bitcoin ETF. They view the possible approval as a landmark for the crypto industry, which has been longing to be accepted by Wall Street with its mainstream investors.

The ProShares Bitcoin Strategy ETF is scheduled to debut at the New York Stock Exchange next Tuesday. Experts say the SEC is unlikely to ban the product, but some warn that if that happens, bitcoin could plunge.

“We are at high time frame resistance here around $58-60,000, hence a rejection on the ETF application could send Bitcoin back to $53-55,000 levels. But overall the trend is still bullish and there are a number of other ETF applications in the pipeline as well,” Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, told CNBC.