Bitcoin continues to defy expectations as it skyrockets to an impressive $35,000, reaching its highest point in over a year and a half, fueled by the growing anticipation around the potential approval of Bitcoin ETFs.
Bitcoin has experienced a significant surge in value, rising by 11.86 percent on October 24th to reach $34,322.47, according to CoinMarketCap data. Over the course of a week, it has seen a 21.33 percent increase.
On October 23rd, the world’s largest cryptocurrency rose by 10 percent to reach its highest point in a year and a half. This surge was driven by speculation surrounding a potential bitcoin exchange-traded fund (ETF). Increased enthusiasm led to short sellers exiting their positions, and stocks linked to cryptocurrencies also saw a rise.
Coinbase and MicroStrategy were among the other major gainers in the crypto market, with Ether also experiencing a 6 percent hike to reach a two-month high and surpass its 200-day moving average.
Anticipation in the market has been growing due to news reports that the US Securities and Exchange Commission (SEC) will not appeal a ruling that deemed it wrong to reject an application from Grayscale Investments. The approval of a spot bitcoin ETF is seen as a positive development, as it would attract more investors to the crypto space without requiring direct trading exposure.
Several companies, including BlackRock, Bitwise, Fidelity, Invesco, VanEck, and WisdomTree, have pending bitcoin ETF applications. BlackRock’s project, in particular, has garnered significant interest.
Geopolitical risks have also had an impact on the market, with concerns surrounding the Israel-Hamas War and the Middle-East situation prompting investors to seek out scarce assets such as physical gold and bitcoin.
It is important to note that this blog is based on information from a wire agency feed and has not been modified, except for the headline.
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Disclaimer: The content of this blog has not been modified and is sourced from a wire agency feed. The headline is the only element that has been changed.