Bitcoin reached the $60,000 mark on Friday for the first time in six months, closing in on its all-time high, as trader confidence over the launch of an ETF based on its futures contracts mounted.

Crypto investors have been waiting for the approval of the first U.S. ETF for Bitcoin. The recent rally of the world’s largest cryptocurrency has been partly driven by anticipation of this approval.

Bitcoin rose 4.5% to its highest level since mid-April and at the time of writing stood at $58,791. The price has increased by more than half in value since 20 September, to now near its record high of $64,895, Reuters reports.

The U.S. Securities and Exchange Commission (SEC) is due to permit the first U.S. Bitcoin futures ETF to start trading next week, as reported by Bloomberg.

"It is widely expected that Q4 will see significant progress around a Bitcoin ETF in the U.S.," according to Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX.

He added that Friday's moves were fuelled by a tweet from the SEC's investor education office that said: "Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits."

A number of fund managers, such as Galaxy Digital Funds, VanEck Bitcoin Trust and ProShares, amongst others, have applied to launch Bitcoin ETFs in the U.S. This year crypto ETFs have been launched in Europe and Canada.

"We have seen more institutional build up, especially in the past few weeks, than we have at any time since the (Bitcoin price) crash back in April," said Noelle Acheson, head of market insights at Genesis Global Trading.

According to Bloomberg senior ETF analyst, Eric Balchunas, the ProShares Bitcoin Strategy ETF may be the first to be launched as the decision deadline is 18 October. 

In a tweet on Friday the Bloomberg analyst said: “Pretty much done deal. Expect launches next week,” before adding the “odds now over 90% IMO.”