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

Tokyo: Bitcoin hovered near a six month high early on Monday on hopes that US regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade, while global inflation worries also provided some support.

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 hit in April.

The first American Bitcoin futures ETF is set to allow by the US Securities and Exchange Commission (SEC) to begin trading this week, Bloomberg News reported on Thursday, a move likely to lead to wider investment in digital assets.

Rising inflation worries also increased appetite for bitcoin, which is in limited supply, in contrast to the ample amount of currencies issued by central banks in recent years as monetary authorities printed money printed money to stimulate their economies.

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