Bitcoin enthusiasts and investors have reason to celebrate as the world’s leading cryptocurrency experienced a significant price surge, almost reaching the $35,000 mark. As reported by Nairametrics on October 24, 2023, Bitcoin’s price hit its highest point since May 2022, reaching an impressive $34,942. This remarkable increase of over 10% from the previous day’s levels has left the crypto community buzzing with excitement.
The Rise and Potential Cause
Bitcoin’s remarkable rally began on October 23, 2023, when it crossed the $30,000 mark. Shortly after, at 11.45 pm, it surged to $34,000, and by 3.25 am on October 24, it came close to breaching the $35,000 threshold.
One significant catalyst for this surge is the anticipation surrounding the potential approval of the first US Bitcoin Exchange-Traded Funds (ETFs). Companies like BlackRock Inc. and Fidelity Investments are actively competing to introduce these investment products. Eric Balchunas, Bloomberg’s ETF analyst, revealed on Twitter that Blackrock’s Bitcoin ETF, iShares Bitcoin Trust, has been listed on the Depository Trust and Clearing Corp. (DTCC), a pivotal institution managing clearing and settlement in US markets.
Moreover, a US federal appeals court recently confirmed Grayscale Investments LLC’s victory in their attempt to establish a spot Bitcoin ETF, despite objections from the US Securities and Exchange Commission (SEC). The SEC has been cautious about approving ETFs directly linked to Bitcoin due to concerns about fraud and market manipulation.
Bitcoin’s Remarkable Year
Bitcoin’s performance in 2023 has been exceptional, achieving over a 100% increase year-to-date after starting the year at the $16,000 level. This resurgence comes after a period of bearish sentiment in the crypto market, exacerbated by the collapse of FTX. Now, Bitcoin is quietly on a path to redemption, reaching some of its highest levels in 18 months.
As Bitcoin’s price continues to make headlines, investors and cryptocurrency enthusiasts are closely watching the developments surrounding Bitcoin ETFs and the cryptocurrency’s potential for further growth.
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