Bitcoin bullish Andriy Onufriyenko
Bitcoin reached $63,000 for its first time since April, just before the launch of the first futures ETF.
The ProShares ETF, long awaited, will trade under the ticker "BITO", starting Tuesday.
Analysts predict that bitcoin will rise in value.
Subscribe to our daily newsletter 10 Things Before The Opening Bell.
Bitcoin climbed to $63,000 on Tuesday for the first time since April, just before the debut of a highly-anticipated futures-exchange-traded fund in the markets later in the day.
ProShares, an ETF provider, announced Monday that its Bitcoin Futures Fund - the first in its kind in the United States -- would go live on Tuesday.
Bitcoin has rallied steadily in recent weeks after largely stagnating over the summer. This is partly due to the anticipation surrounding regulatory approval for an ETF that the token backs. It is expected to see a 41% gain in October, which would be the largest monthly increase since December. It last traded at $62,032, with little change in the past 24 hours.
Deutsche Bank sent a Tuesday note to clients that stated, "The cryptocurrency rallied as news came out that the first US bitcoin ETF would have been approved."
The ProShares Bitcoin Strategy ETF is going to be listed on the Nasdaq. Investors will be able trade it as a stock without needing to own any bitcoin.
ProShares CEO Michael Sapir stated that "BITO" will allow investors to have exposure to bitcoin.
At least two additional bitcoin futures are expected to be approved by the SEC this month, the VanEck Bitcoin Strategy Strategy ETF and the Valkyrie Bitcoin Strategy Strategy ETF. Invesco, an ETF provider and asset manager, was initially on the list. However, it has since dropped its plans.
