Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that US regulators would approve the launch of an exchange-traded fund based on its futures contracts.
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The world's biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April's record high of $64,895.
The US Securities and Exchange Commission (SEC) is poised to allow the first US bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.
Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin's spike above $59,000 wasn't arbitrary and long-term investors had been accumulating it for a while.
"It is widely expected that Q4 will see significant progress around a bitcoin ETF in the US," he said.
