Bitcoin Price Soars to $35,000 as Enthusiasm for ETF Grows

For the first time since May 2022, the price of Bitcoin (BTC) broke the $35,000 markrecording a staggering gain in the last 24 hours.

On October 23rd the price of Bitcoin suffered a sudden surge, earning more than 10% and going from $31,000 to over $34,000.

According to TradingView data, less than two hours after surpassing $34,000, Bitcoin reached 35.300 $. Bitcoin is currently trading at a price of $34,550.

On October 24, the price of Bitcoin rose to $35,300. Source: TradingView

The sudden surge in the price of Bitcoin comes amid the new wave of interest in the upcoming approvals of Exchange Traded Funds (ETF) spot and a significant increase in overall trading volumes in spot markets.

The surge also occurred following developments related to the spot Bitcoin ETF proposed by BlackRock.

On October 23, a post on X (formerly Twitter) by the analyst Scott Johnson has reported two new pieces of information that could suggest that the approval of the spot Bitcoin ETF for the investment giant is getting closer.

Johnson he underlined That BlackRock has secured a specific license “CUSIP” and the process could begin as early as this month “seeding” of its cash spot ETF product.

In response to the post, Eric Balchunassenior ETF analyst at Bloomberg, pointed out that the “seeding” of an ETF “It’s usually not that great” e that would be just enough to get an ETF started; however, he admitted that in general it is a good signal and that he scores “another step in the launch process”.

Note: Seeding is typically just enough money to start an ETF. So I wouldn’t read this at all as “omg Blackrock is buying a ton of bitcoin”, but more as the fact that they are doing it and disclosing it, showing another phase of the launch process.

— Eric Balchunas (@EricBalchunas) October 23, 2023

The sudden surge in price was accompanied by a significant growth in Bitcoin’s spot trading volume. According to the data by CoinMarketCap, as of publication, spot trading volume has risen to more than $35 billion in the past 24 hours, a 241% increase.

While Bitcoin has enjoyed the biggest boost, the overall price rally has also lifted other coins: Ethereum’s native currency, Ether (ETH), grew by 7%, while Solana (SOL) gained as much as 11%. Furthermore, Dogecoin (DOGE) rose by 8%, while Cardano (ADA) lagged slightly behind with a 5% gain.

Crypto market watchers and community members were astonished by the sudden rally, so much so that independent journalist Autism Capital he asked his 237,000 followers: “What the hell happened?”

Wait, what the hell just happened?

— Autism Capital (@AutismCapital) October 23, 2023

Zooming out from the immediate price action, there appeared to be a favorable setup for the sudden rally in cryptocurrencies, as CoinShares data shows that investments in digital assets recorded the fourth consecutive week of inflows.

Weekly inflows of investments into digital assets. Source: CoinShares

Update (October 24, 3:44 UTC): This article has been updated to include the fact that Bitcoin hit a price of $35,300 in the hours after rising to $34,000.

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