Bitcoin hovers near six-month high on ETF hopes

US Securities and Exchange Commission is set to allow the first American bitcoin futures ETF to begin trading this week.

Bitcoin hovered near a six-month high early on Monday on hopes that US regulators would soon allow cryptocurrency exchange-traded funds (ETFs) 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 US Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading this week, Bloomberg News reported on Thursday, a move likely to lead to wider investment in digital assets.