Bitcoin on cusp of all-time high ahead of futures ETF listing

Bitcoin hit a six-month high and was within striking distance of its all-time peak on Tuesday as traders bet an anticipated listing of a futures-based U.S. exchange-traded fund could herald investment flows into cryptocurrencies.

Bitcoin, the world’s biggest cryptocurrency, rose as much as 1.5% during the Asia session to $62,991, its highest since mid-April and near its record of $64,895. It last traded flat.

Known throughout its 13-year life for its volatility, bitcoin has risen by some 40% this month on hopes 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.