Uptober may have finally arrived, with the price of Bitcoin (btc) surpassing the $34,000 mark for the first time since May of 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.
The rise also came amid developments related to BlackRock's proposed spot Bitcoin ETF.
On October 23, a post on
Johnson pointed discovered that investment giant Blackrock had obtained a specific "CUSIP" license and could soon begin the process of "seeding" its cash ETF product from this month.
In response to this post, Bloomberg Senior ETF Analyst Eric Balchunas wrote that seeding an ETF is "typically not a lot of money" and would be enough to get an ETF off the ground, however, he admitted that it is generally a good sign and marks "another step in the launch process."
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
The sudden price increase was also accompanied by a significant growth in Bitcoin spot trading volumes. At press time, spot trading volume had risen to more than $35 billion in the past 24 hours, a 241% gain over the same period, according to the data. of Coin market capitalization.
While Bitcoin enjoyed the biggest price momentum, the overall tide of bullish price momentum also lifted other ships, with Ethereum's native currency, Ether (ETH) growing by 7%, while Solana (SUN) gained a whopping 11%. Furthermore, Dogecoin (DOGE) rose 8% while Cardano (ADA) lagged slightly behind with a 5% gain.
Related: BlackRock Bitcoin Spot ETF Now Listed on Nasdaq Trade Clearing Firm: Bloomberg Analyst
Crypto market commentators and community members were stunned by the sudden move higher: independent journalist Autism Capital asked his 237,000 followers; "What the hell just happened?"
Wait, what the hell just happened? pic.twitter.com/JFX0pr9fFI
- Autism Capital (@AutismCapital) October 23, 2023
Moving away from the immediate price action, there appeared to be a favorable setup for the sudden cryptocurrency price growth, with data from Coinshares showing that digital asset investment products recorded a fourth consecutive week of inflows.
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