The cryptocurrency scene witnessed a whirlwind of excitement as Bitcoin (BTC) price soared to nearly $35,000 recently, marking its first major leap past the $34,000 benchmark since May of the previous year. This significant uptick, constituting a 14% gain within a mere 24-hour window, occurred on October 23.
This surge wasn’t isolated to Bitcoin alone; it rippled across the crypto market, elevating several altcoins. Ethereum’s Ether saw a growth of 7%, while Solana jumped a substantial 11%. Dogecoin and Cardano weren’t left behind either, with gains of 8% and 5% respectively.
Driving this upswing is the heightened anticipation surrounding the potential approval of spot Exchange Traded Funds (ETFs), particularly hinted by recent developments from investment behemoth, BlackRock. Speculation grew when BlackRock secured a specific “CUSIP” license, hinting at the imminent “seeding” of their Bitcoin spot ETF, a move seen as a progressive step towards the ETF’s launch.
This wave of positive sentiment was further fueled by Analyst Scott Johnson’s insights shared on X (previously known as Twitter). Following this revelation, Bloomberg’s senior ETF analyst, Eric Balchunas, highlighted that while the seeding amount might not be hefty, it’s a significant stride in the ETF launching process.
Moreover, the buzz coincided with a notable expansion in Bitcoin’s spot trading volume, rocketing to over $35 billion, marking a 241% rise within the same timeframe.
Market aficionados and the crypto community were left both astounded and optimistic by this abrupt market maneuver. The broader outlook appears favorable as digital asset investment products continue to witness a steady inflow, marking a fourth consecutive week of positive traction, as per Coinshares data.
This robust market activity underscores the growing investor confidence and the pivotal role of ETF developments in steering the crypto market dynamics, painting a hopeful picture for the future of digital assets.
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