Bitcoin hit a six-month high and was within striking distance of its all-time peak on Tuesday as traders bet an anticipated listing of a futures-based US exchange-traded fund could herald investment flows into cryptocurrencies.
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Bitcoin, the world's biggest cryptocurrency, rose as much as 1.5% during the Asia session to $62,991, its highest since mid-April and near its record of $64,895. It last traded flat.
Known throughout its 13-year life for its volatility, bitcoin has risen by some 40% this month on hopes the advent of bitcoin exchange-traded funds (ETFs) − of which several are in the works − will see billions of dollars managed by pension funds and other large investors flow into the sector.
ETFs are securities that track an asset and can be bought or sold on a stock exchange.
ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO, provided the US regulator, the Securities and Exchange Commission, does not object.
