The upside may finally have arrived, with the price of bitcoin (btc) surpassing the $34,000 mark for the first time since May last year, marking a staggering 14% gain in the last 24 hours.
bitcoin price suddenly skyrocketed on October 23, with btc gaining over 10% from $31,000 to briefly touch $34,000 before stabilizing at a current price of $33,349 according to TradingView data.
The sudden rally in bitcoin price comes amid a new wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes in spot markets.
Analyst Scott Johnson btc-bulls-keep-the-volume” target=”_blank” rel=”noopener nofollow”>pointed notes that investment giant Blackrock could soon begin the process of “seeding” its spot ETF product as early as this month.
Bloomberg ETF analyst Eric Balchunas wrote that creating an ETF is when initial funding is provided in exchange for shares of the ETF that can be traded on the open market.
Note: The seeding is usually not a large amount of money, just enough to get the ETF up and running. So I wouldn’t read this as ‘OMG, Blackrock is buying a ton of bitcoins’, but rather the fact that they are doing it and revealing it shows another step in the launch process.
– Eric Balchunas (@EricBalchunas) October 23, 2023
crypto market commentators and community members were stunned by the sudden upward move. With independent journalists Autismo Capital asking their 237,000 followers; “What the hell just happened?”
Wait, what the hell just happened? pic.twitter.com/JFX0pr9fFI
– Autism Capital (@AutismCapital) October 23, 2023
This is a developing story and more information will be added as it becomes available.
