Bitcoin hit a six-month high and was within striking distance of its all-time peak on Tuesday.
LONDON/SINGAPORE - 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 U.S. exchange-traded fund could herald investment flows into cryptocurrencies.
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 - of which several are in the works - will see billions of dollars managed by pension funds and other large investors flow into the sector.ProShares' Bitcoin Strategy ETF is expected to list on Tuesday under the ticker BITO, provided the U.S. regulator, the Securities and Exchange Commission, does not object.
"This could lead to more constant buying pressure on CME, causing the open interest to rise. This will attract more cash and carry opportunities, leading to buying pressure in the spot market," cryptocurrency analysts at Arcane Research said in a note.
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