Bitcoin hovers near 6-month high on ETF hopes, inflation worries

Bitcoin hovered near a six-month high on Monday morning in hopes that US regulators would

Bitcoin last stood at $ 62,359, close to Friday’s six-month high of $ 62,944 and not far from its all-time high of $ 64,895 reached in April.

The US Securities and Exchange Commission will allow the first US bitcoin futures ETF to go public this week, Bloomberg News reported Thursday, a move that will likely lead to increased investment in digital assets.

Cryptocurrency players are hoping that the approval of the first US bitcoin ETF will spark an influx of money from institutional players who are unable to invest in digital currencies right now.

Growing concern about inflation also increased appetite for bitcoin, which is in limited supply, in contrast to the large number of currencies issued by central banks in recent years when monetary authorities printed money to stimulate their economies.

But some analysts pointed out that, after the recent rally, investors can sell bitcoins on ETF news.

“The news of a suite of futures-tracking ETFs is not new to those who follow the space closely, and for many this is a step forward, but not the game changer that some are seeing,” said Chris Weston, head of Pepperstone research. in Melbourne, Australia.

“We have been excited about a spot ETF before, and this may require more work on the regulatory front.”

The Platform Executive team hopes you enjoyed the article ‘Bitcoin hovers around 6-month high on ETF hopes, inflation concerns’. Machine translation from English to a growing list of languages ​​via Google AI Cloud Translation. Initial reports through our official content partners at Thomson Reuters. Reporting by Hideyuki Sano in Tokyo and Tom Westbrook in Singapore. Edited by Ana Nicolaci da Costa.

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