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Bitcoin Soared! Why did it advance to the $35,000 level? Bitcoin’s price exceeded the $34,000 level for the first time since May. It also greeted October with a stunning 14% increase in the last 24 hours.
Bitcoin’s price suddenly rose on October 23, with BTC’s value rising from $31,000 to $34,000 temporarily reaching this level, and then fixed at $34,500 according to TradingView data. This sudden increase in the price of Bitcoin coincided with a period when interest in upcoming spot ETF approvals was renewed and overall trading volume on spot markets increased significantly.
This rise also coincided with developments related to BlackRock’s proposed spot Bitcoin ETF. A post by Analyst Scott Johnson (formerly known as Twitter) on October 23 pointed out two pieces of new information that indicated that investment giant BlackRock could likely enter the “initiation” process of spot ETF products with cash soon.
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Johnson pointed out that investment giant BlackRock received a specific “CUSIP” license. Also, it could even enter the “initiation” process of spot ETF products with cash earlier this month. In response to this post, Senior Bloomberg ETF analyst Eric Balchunas acknowledged that launching an ETF “generally does not require a lot of money” and is enough to just launch an ETF, but acknowledged it is “another step” for launching this process. As a result, Bitcoin Soared!
Background: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.
— Eric Balchunas (@EricBalchunas) October 23, 2023
This sudden increase in price also brought about significant growth in Bitcoin’s spot trading volume. At the time this report was ready, the spot trading volume had exceeded 35 billion dollars in the last 24 hours. According to Coinmarketcap data, there was an increase of 241% in the same period.
Even though Bitcoin experienced the greatest price increase, the overall impact of the upward price momentum also affected other cryptocurrencies. The local currency of Ethereum, Ether (ETH) experienced a 7% increase, Solana (SOL) gained an impressive 11%. In addition, while Dogecoin (DOGE) showed an increase of 8%, Cardano (ADA) achieved a more modest 5% gain.
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