Bitcoin edges above $85,000 as traders weigh U.S. leveraged-crypto move

Investing.com -- Bitcoin edged up on Sunday, trading above $85,000 as investors weighed a new U.S. regulatory development that could widen access to leveraged exposure to the world's largest cryptocurrency.

The token was last up 0.44% to $85,386 as of 01:30 ET (05:30 GMT) and has stayed in a relatively narrow range since briefly climbing above $87,000 earlier this week.

The U.S. Securities and Exchange Commission on Friday approved a Cboe BZX rule change allowing the exchange to list six triple-leveraged exchange-traded products from Volatility Shares.

The 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.

The decision does not mean the products are immediately available for trading. Registration requirements must still be completed before shares can be publicly offered.

The development adds another potential route for investors seeking cryptocurrency exposure after the SEC separately proposed changes to crypto custody rules this week. That custody proposal was a major focus for Bitcoin markets on Friday.