At $62,991, around its peak of $64,895, the bottom is $54,991 away!
LONDON SINGAPORE, Oct 19 Reuters - Bitcoin hit a six-month high and was within striking distance of its all-time high on Tuesday as traders speculated that an anticipated listing of a futures exchange traded funds could herald investment flows into cryptocurrencies.
Bitcoin, world's biggest e-currency, rose by as much as 1.5% during the Asia session to $62,991, highest since mid-April and near its record of $64,895. It traded flat last Sunday.
Bitcoin is known throughout its 13 year existence for its volatility, which has risen this month by some 40% in hopes that the advent of bitcoin exchange traded funds ETFs - of which several are in the works - will see billions of dollars managed by pension funds and other large investors flow into the sector.
ETFs are securities that track an asset and can be bought or sold on a stock exchange.
ProShares' Bitcoin Strategy ETF is expected to list the ticker BITO on Tuesday if the Federal Securities and Exchange Commission doesn't object.
Analysts said the ETF will likely simplify access to cryptocurrencies for retail investors.
It can attract flows from investors that prefer the ease of an ETF over perceived risks of an exchange, said Martha Reyes, head of research at Crypto exchange Bequant.
Still, other analysts have cautioned the fund will not invest directly in bitcoin - rather in Chicago-traded futures - and hence any immediate implications for flows may be limited.
If speculators have been wagering that its launch is a positive signal for spot prices, then it will be a show of price quality.
This could lead to more open buying pressure on CME, causing constant interest to rise. The move will generate more cash and carry opportunities, leading to buying pressure in the spot market, cryptocurrency analyst at Arcane Research said in a note.
Crypto ETFs were launched earlier this year in Canada and Europe despite rising interest in digital assets. VanEck and Valkyrie are among the fund managers pursuing U.S. - listed ETF products, although Invesco dropped its plans for a futures-based ETF on Monday.
The Nasdaq on Friday refunded the listing of the Valkyrie Bitcoin Strategy ETF and Grayscale, the world's largest digital currency manager, is planning to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, CNBC reported.
ProShares ETF is set to begin trading on Monday after a 75 - day period during which the SEC could object to its listing effective on Monday.