Uptober may have finally arrived, with the price of Bitcoin (BTC) breaching the $34,000 level for the first time since May last year, recording a staggering 14% increase over the past 24 hours.
The price of Bitcoin suddenly shot higher on October 23, with BTC gaining more than 10% from $31,000 to briefly touch $34,000 before stabilizing to the current price of $33,349 according to data from TradingView.
The sudden surge in Bitcoin price comes amid a new wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.
The rise also comes amid developments regarding BlackRock’s proposed spot Bitcoin exchange-traded fund.
On October 23, an X (formerly known as Twitter) post from analyst Scott Johnson noted two new pieces of information that could indicate that immediate approval for a Bitcoin ETF is nearing investment giant Blackrock.
Johnson pointing to Investment giant Blackrock has apparently obtained a specific “CUSIP” license and may soon begin the process of “seeding” its spot ETF product for cash as early as this month.
In response to this post, Bloomberg ETF senior analyst Eric Balchunas wrote that starting an ETF “is not typically a lot of money” and would be enough to start an ETF, but he acknowledged that it is generally a good sign and represents “another sign.” . A step in the launch process.”
Note: Seeding does not typically require as much money as is enough to start an ETF. So I wouldn’t read this as, “Oh my God, Blackrock is buying a ton of bitcoins” at all, but the fact that they did it and revealed it shows another step in the launch process.
– Eric Balchunas (@EricBalchunas) October 23, 2023
The sudden price spike also came with a significant growth in Bitcoin spot trading volumes. At the time of publishing this report, spot trading volume had risen to more than $35 billion over the past 24 hours, an increase of 241% in the same time period, according to the data. from Coinmarketcap.
While Bitcoin enjoyed the biggest price boost, the general tide of bullish price momentum lifted other boats as well, with Ethereum’s native token Ether (ETH) growing 7%, while Solana (SOL) rising 11%. Additionally, Dogecoin (DOGE) rose 8% while Cardano (ADA) lagged slightly with a 5% gain.
Related: BlackRock’s Spot Bitcoin ETF Now Listed on Trade Clearing Firm Nasdaq – Bloomberg Analyst
Crypto market commentators and community members were stunned by the sudden move higher – with freelance journalist Autism Capital asking his 237,000 followers; “What just happened?”
Wait, what just happened? pic.twitter.com/JFX0pr9fFI
— Autism Capital (@AutismCapital) October 23, 2023
Moving away from the immediate price action, there appears to be a favorable setup for a sudden growth in cryptocurrency prices, with Coinshares data showing that digital asset investment products saw a fourth straight week of inflows.
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