“The Fed defines inflation as the increase in the price of goods and services over time” — Paul Ebeling
Bitcoin is holding near 6-month highs early Monday in Asia on expectations that the SEC will soon allow cryptocurrency ETF to trade, while global inflation concerns may be provided some support.
Bitcoin last stood at $62,039.87, near Friday’s 6-month high of $62,944 and not far from its all-time high of $64,895 marked in April.
The SEC is set to allow the 1st American bitcoin futures ETF to begin trading this wk, a move likely to lead to wider investment in digital assets.
Cryptocurrency players expect the approval of the 1st US bitcoin ETF to trigger an influx of money from institutional players who cannot invest in digital coins at the moment.
Rising inflation worries increased appetite for bitcoin and GBITS, currently at $215.34 just shy of it all time highs marked last wk, which are in limited supply, in contrast to the ample amount of currencies issued by central banks in recent years as monetary authorities printed money to stimulate their economies.
But some analysts noted that, after the recent rally, investors may sell bitcoin on the ETF news. We will know soon.
Have a prosperous week, Keep the Faith!