Bitcoin Cracks $34,000 Mark: Anticipation around Spot ETF Approvals Fuels Surge
Summary:
Bitcoin's value surged past the $34,000 mark for the first time since May of the previous year, marking a 14% increase within a single day. The sudden price spike is linked to anticipated spot ETF approvals and a boom in trading volumes across spot markets. Investment giant Blackrock's potential involvement in "seeding" their spot ETF product is also highlighted, further encouraging interest in Bitcoin.
Bitcoin (BTC) finally witnessed a significant surge, with its value catapulting beyond the $34,000 bench mark, a record unseen since May the previous year. This exceptional climb marks a 14% hike within the past day alone. Bitcoin experienced a sudden price spike on October 23, shooting up by over 10% from $31,000, momentarily grazing $34,000 before finally settling down at $33,349, as per the data shared by TradingView.
The dramatic rise in Bitcoin's value is linked to growing interest in the forthcoming spot ETF approvals and considerable swelling in trading volumes spanning all spot markets. Scott Johnson, a prominent analyst, highlighted that global investment heavyweight, Blackrock, might kick-start the procedure of "seeding" their spot ETF product as early as this month. Seeding an ETF refers to providing initial funds in exchange for ETF shares which can be publicly traded, according to Bloomberg ETF analyst Eric Balchunas. Balchunas emphasized that the seeding typically includes a modest amount of funds, and thus, shouldn't be interpreted as Blackrock buying significant quantities of Bitcoin. Nevertheless, their engagement and disclosure is indicative of forward strides in the ETF launch process.
The abrupt upward trajectory left crypto market observers and stakeholders perplexed, prompting independent media outlet Autism Capital to question their follower base of 237,000: "what the heck just happened?"
Relevant information will continue to be updated as the story unfolds.
Published At
10/23/2023 11:00:38 PM
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