Bitcoin last stood at $62,359, near Friday’s six-month high of $62,944 and not far from its all-time high of $64,895 in April.
The US Securities and Exchange Commission (SEC) is set to allow the first US bitcoin futures ETF to begin trading this week, Bloomberg News reported on Thursday, a move that is likely to lead to broader investments in the digital asset.
Cryptocurrency players expect the approval of the first US bitcoin ETF to trigger an influx of funds from institutional players who cannot invest in digital coins at the moment.
Rising inflation concerns have also increased the appetite for bitcoin, which is in limited supply, in contrast to the substantial amounts of currencies issued by central banks in recent years, as monetary authorities have used money to stimulate their economies. was printed.
But some analysts said that after the recent rally, investors may be selling bitcoin on the ETF news.
Chris Weston, head of research at Pepperstone, said, “The news of a suite of future-tracking ETFs isn’t new to those who follow the space closely, and for many it’s a step forward, but not a game-changer. Understanding something.” in Melbourne, Australia.
“We are excited by the first spot ETFs, and this may require more work on the regulation front.”