Bitcoin was trading within touching distance of its all-time high on Monday ahead of an anticipated bitcoin exchange traded fund (ETF) launch in the US this week.
Bitcoin prices were less than 4% off the all-time high of $64,804.72 reached on 14 April, 2021, according to CoinGecko.
At 14:00 JST (UTC +9) in Tokyo, the bellweather cryptocurrency had gained 2.3% over the previous 24-hour period to reach $62,405.96.
Bitcoin ETF expected this week
Last week saw Bitcoin gain over 10% as US-based ETF provider ProShares filed an application to the US Securities and Exchange Commission (SEC) on Friday to launch a bitcoin ETF as early as 18 October.
Bloomberg had reported earlier that the SEC is likely to approve the Bitcoin ETF in what would be a watershed moment for cryptocurrencies.
“It’s so tempting to ‘do something’ with your coins. But just stack (earn, mine or buy) and HODL. Simple and effective,” tweeted Stephan Livera, bitcoin podcaster.
Dorsey looks into BTC mining
Elsewhere, Jack Dorsey, CEO of fintech firm Square, said in a tweet on Friday that the company is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.
Dorsey added that Square will look to make bitcoin mining more accessible and energy efficient: “Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability,” he said.
Meanwhile, the second largest cryptocurrency Ether inched 0.9% lower to $3,848.55 by Monday afternoon in Tokyo.