Bitcoin holds near $85,000 as SEC clears first 3x leveraged crypto ETPs

Bitcoin edged close to $85,000 on Sunday, as investors pondered a fresh U.S. regulatory development that might broaden access to leveraged crypto investments. The digital token traded at $84,860.5 on Sunday morning, barely shifting from its previous day's value. After a brief surge past $87,000 earlier in the week, Bitcoin has remained within a tight range.

The U.S. Securities and Exchange Commission (SEC) green-lit a change in Cboe BZX rules on Friday, permitting the exchange to list six triple-leveraged exchange-traded products (ETPs) from Volatility Shares. These ETPs aim to offer three times the daily performance of Bitcoin, Ether, gold, silver, crude oil, and natural gas. However, the products would be executed through futures contracts rather than by directly purchasing the cryptocurrencies.

Registration and approval procedures still need to be finalized before the ETPs can be traded publicly. This regulatory move adds another pathway for investors to gain exposure to cryptocurrencies, following the SEC's recent proposal for improvements in crypto custody rules. The news came alongside an uptick in crypto-related job postings, up to 1,241 in September from 382 in July.

Finance dominated the listings, followed by engineering and trading roles, with Bitcoin being the most sought-after blockchain skill. Amidst regulatory and market developments, industry and investment perspectives continue to evolve. Bitcoin remains a favored hedge against monetary instability, according to Robert Kiyosaki, who endorses gold, silver, and oil as additional scarce assets.

Additionally, Coinbase CEO Brian Armstrong highlighted that the AI-powered language model Grok is a leading client for agentic traders on the platform.