By Samuel Indyk

Investing.com – The first exchange-traded fund (ETF) linked to is to begin trading on Tuesday morning, according to a new report.

The New York Times reports that ProShares Bitcoin Strategy ETF will go live on Tuesday morning via the New York Stock Exchange.

This is a significant milestone in the adoption of cryptocurrency as it allows investors access to digital assets without having to own them directly.

Bitcoin price surge

Hopes that a Bitcoin Futures ETF would be approved have helped the recent price surge in Bitcoin, which has come within $2,000 of April’s all-time high.

Bitcoin trades close to $62,900 Friday after reports that the US Securities and Exchange Commission would approve listing Bitcoin Futures ETFs. However, the price has since stalled and has struggled to push on and reach April’s all-time high of $64,778.

In the next few days, other fund managers should approve Bitcoin futures ETFs. Analysts speculate that this could push Bitcoin over its current high.

“Bitcoin mania has been brewing on social media platforms over the past couple of weeks and while some traders may look to fade the SEC decision, it looks like many are adopting the long-term hold approach,” said OANDA Senior Market Analyst Edward Moya on Friday. “If ProShares and Invesco Ltd. have their respective Bitcoin ETF applications approved […] and initial trading volumes are strong, Bitcoin could have enough momentum to target the $74,500 region.”

Moya however warns that Bitcoin prices are always susceptible to drop, given the constantly changing regulation.

“Bitcoin still has regulatory hurdles and could see scrutiny over the amount of energy consumed as , coal, and crude prices skyrocket,” Moya added. “Bitcoin is always vulnerable to a 20% plunge and traders should anticipate heightened volatility for the rest of the year.”

Bitcoin trades relatively flat in the 24 hours since midnight BST. It was close to $61,000 at 13:10BST.