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

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Illustration of the Bitcoin digital foreign money standing on the PC motherboard is seen on this illustration image, February 3, 2018. REUTERS/Dado Ruvic/Illustration

TOKYO, Oct 18 (Reuters) – Bitcoin hovered close to a six-month excessive early on Monday on hopes that U.S. regulators would quickly permit cryptocurrency exchange-traded funds (ETF) to commerce, whereas international inflation worries additionally offered some assist.

Bitcoin final stood at $62,359 , close to Friday’s six-month excessive of $62,944 and never removed from its all-time excessive of $64,895 hit in April.

The U.S. Securities and Change Fee (SEC) is ready to permit the primary American bitcoin futures ETF to start buying and selling this week, Bloomberg Information reported on Thursday, a transfer more likely to result in wider funding in digital property.

Cryptocurrency gamers count on the approval of the primary U.S. bitcoin ETF to set off an inflow of cash from institutional gamers who can’t spend money on digital cash for the time being.

Rising inflation worries additionally elevated urge for food for bitcoin, which is in restricted provide, in distinction to the ample quantity of currencies issued by central banks lately as financial authorities printed cash to stimulate their economies.

However some analysts famous that, after the current rally, traders could promote bitcoin on the ETF information.

“The information of a collection of futures-tracking ETFs just isn’t new to these following the house intently, and to many it is a step ahead however not the game-changer that some are sensing,” mentioned Chris Weston, head of analysis at Pepperstone in Melbourne, Australia.

“We’ve been excited by a spot ETF earlier than, and this may increasingly want extra work on the regulation entrance.”

Reporting by Hideyuki Sano in Tokyo and Tom Westbrook in Singapore; Modifying by Ana Nicolaci da Costa


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