Bitcoin Rockets to $35K amid Growing ETF Demand
BITmarkets Team
Oct 25, 2023
The price of Bitcoin (BTC) catapulted through the $35,000 level for the first time since May 2022, marking a staggering gain during the past 24 hours.
The price of Bitcoin suddenly spiked upward on Oct. 23, gaining more than 10% from $31,000 to over $34,000.
In a matter of under two hours after breaking the $34,00 barrier, Bitcoin hit peaks of $35,300, and the cryptocurrency is currently hovering by the $34,500 area.
The sudden surge in price comes amid a fresh wave of interest in upcoming spot exchange-traded fund (ETF) approvals and a staggering increase in overall trading volumes across spot markets.
On October 23, analyst Scott Johnson shared two new pieces of information on X, formerly known as Twitter, that might indicate that the investment juggernaut BlackRock is getting closer towards attaining approval for a spot Bitcoin ETF.
Johnson mentioned that BlackRock had acquired a particular "CUSIP" license and could start "seeding" its spot ETF product with cash as early as this month.
Senior Bloomberg ETF analyst Eric Balchunas responded to the post by noting that seeding an ETF is "typically not a lot of money" and would only be enough to get an ETF started.
Nevertheless, he acknowledged that it is generally a positive sign and marks "another step in the process of launching."
Sources:
https://cointelegraph.com/news/bitcoin-btc-price-breaks-34000-etf-excitement-grows
