Markets News Report
October 23, 2023

Bitcoin Soars Past $35,000 Amid Rising Anticipation for Spot ETFs

In Brief

Bitcoin (BTC) leads the cryptocurrency market’s surge, breaking the $35,000 barrier.

Bitcoin Soars Past $35,000 Amid Rising Anticipation for Spot ETFs

The cryptocurrency market has been bustling, and leading the charge is Bitcoin (BTC), which has surged past $35,000, a price not witnessed since May of the previous year. Within just a day, Bitcoin experienced an impressive 14% appreciation, reaching $35,000 before stabilizing around $34,549, as per TradingView data.

This exhilarating ascent can be attributed to two significant triggers: the mounting enthusiasm surrounding potential approvals of spot ETFs and a noticeable uptick in trading volumes across the spot markets.

Furthermore, recent revelations about BlackRock’s endeavors towards a spot Bitcoin ETF seem to have added fuel to the fire. Scott Johnson, an analyst, highlighted in a post on X (previously Twitter) that BlackRock has recently procured a specific “CUSIP” license.

This move suggests that the investment behemoth might initiate the “seeding” phase for their spot ETF as early as this month. While Eric Balchunas, a Senior Bloomberg ETF analyst, mentioned that seeding an ETF generally doesn’t involve massive funds, he acknowledged that such a step indicates progress towards an ETF launch.

Bitcoin and Altcoins

The roaring Bitcoin wasn’t alone in its triumphant march. Other cryptocurrencies rode the wave too. Ethereum’s (ETH) Ether jumped by 7%, Solana (SOL) skyrocketed by 11%, Dogecoin (DOGE) climbed 8%, and Cardano (ADA) experienced a decent 5% appreciation.

Notably, the abrupt surge in Bitcoin’s price coincided with a remarkable growth in its spot trading volume. Coinmarketcap data showcased that within the span of 24 hours, there was a 241% spike in the trading volume, reaching a staggering $35 billion.

Such unexpected leaps often leave market spectators and participants in awe and puzzlement. Autism Capital, an independent journalist with a considerable following, voiced a sentiment many were probably feeling, questioning, “what the heck just happened?”

However, if one were to take a step back and assess the broader scenario, the momentum for this rapid appreciation was already building. Coinshares data illuminated that digital asset investment products witnessed a fourth consecutive week of positive inflows, laying a fertile ground for such market movements.

Disclaimer

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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