“Bitcoin’s meteoric rise continues as it skyrockets past the $34K mark, fueled by the growing excitement around the possibility of an ETF, marking a pivotal moment for the cryptocurrency market.”
Uptober seems to have arrived in the world of Bitcoin, as the cryptocurrency’s price surged past the $34,000 mark for the first time since May last year. In just 24 hours, Bitcoin recorded a staggering 14% gain, going from $31,000 to briefly touch $34,000 before settling at $33,349.
This sudden spike in price coincides with renewed interest in upcoming spot ETF approvals and a significant increase in trading volumes across spot markets. One noteworthy development is BlackRock’s proposed spot Bitcoin ETF. Analyst Scott Johnson pointed out that BlackRock had secured a specific “CUSIP” license, indicating that the investment giant may soon begin the process of launching their spot ETF product.
While seeding an ETF typically involves a relatively small amount of money, it is seen as a positive sign and another step towards launching the ETF. This news, coupled with a surge in spot trading volumes, which reached over $35 billion in the past 24 hours, has contributed to the overall bullish sentiment in the market.
Bitcoin’s price surge also had a ripple effect on other cryptocurrencies. Ethereum’s Ether grew by 7%, Solana gained 11%, Dogecoin was up 8%, and Cardano recorded a 5% gain. This sudden upward movement left many market commentators and community members surprised and wondering what had just happened.
Zooming out from the immediate price action, data from Coinshares indicates that digital asset investment products have seen four consecutive weeks of inflows. This favorable setup, combined with the anticipation of spot ETF approvals, has created a positive environment for the growth of cryptocurrencies.
Overall, the recent price surge in Bitcoin and other cryptocurrencies signals a renewed optimism in the market. As we enter Uptober, it will be interesting to see how these developments unfold and whether the bullish momentum continues.