Bitcoin hovers near 6-month high

Bitcoin hovered near six-month highs on Monday in anticipation of the listing of the first futures-based bitcoin exchange-traded funds (ETF) in the United States, which investors hope will boost cryptocurrency trading volumes.

If the US Securities and Exchange Commission (SEC) does not object, the ProShares Bitcoin Strategy ETF completes a 75-day period since the fund manager filed plans and could begin trading on Tuesday.

Other fund managers could list bitcoin ETFs in the coming days and weeks, and that could lead to wider investment in digital assets.

The world’s largest cryptocurrency last stood at $62,288 , near Friday’s six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.

Ether , another popular token used on the Ethereum blockchain, was traded around $3,866 and has been rising in tandem with bitcoin since mid-September.

“The news of a suite of futures-tracking ETFs is not new to those following the space closely, and to many this is a step forward but not the game-changer that some are sensing,” said Chris Weston, head of research at Pepperstone in Melbourne, Australia.

“We’ve been excited by a spot ETF before, and this may need more work on the regulation front.”

Among fund managers who have applied to launch bitcoin ETFs in the United States are the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds.

The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF. Grayscale, the world’s largest digital currency manager, is planning to convert its flagship product, the Grayscale Bitcoin Trust  into a spot bitcoin ETF, CNBC reported on Sunday.