Is Bitcoin ETF Euphoria Dissipating? Investors Disagree

After reaching a new one-year high last week, Bitcoin rapidly fell into a narrow trading range, leaving re-energised fans wondering if the recent momentum will endure.

Bitcoin accounts for around half the cryptocurrency industry's $1.2 trillion market value. The world's largest digital currency was last up around 1% at $30,500.

Long-term investors expect that enthusiasm to continue if there is a go-ahead for a Bitcoin exchange-traded fund (ETF).

"Given the slew of industry scandals and bankruptcies that shook the sector at the close of last year, the break of the previous year's high may be important in the long term," said a Chief Investment Advisor at a large investment firm in New York.