After dipping below $30,000 in June, (BTC) went on a nearly four-month rally, appreciating by more than 100%. On Friday, it was able to recapture the $60,000 level after closing the day with a 7.56% spike. The ensuing rally was attributed to the excitement around the SEC giving the green light on the ProShares exchange-traded fund (ETF). Bitcoin has since successfully defended its current price level and managed to inch closer and closer to its all-time high valuation of $64,899.

The listing of ProShares Bitcoin Strategy ETF on Tuesday is believed to provide an additional thrust for Bitcoin and cryptocurrencies to mainstream legitimacy. However, a key fact about the new Bitcoin ETF is that it doesn’t invest in Bitcoin directly but instead allocates a portion of its assets to BTC futures contracts.