Bitcoin ETF Buzz Pushes BTC Price Beyond $35,000
The world of cryptocurrency is buzzing with excitement, over the potential of a Bitcoin ETF. This wave of enthusiasm has led to an increase in the price of Bitcoin (BTC) reaching the $35,000 milestone. The growing anticipation surrounding the Bitcoin ETF market indicates that its approval may be imminent.
It appears that October is off to a start as Bitcoins price surged past the $34,000 mark a level not seen since May of year. This remarkable jump represents a 14% rise in 24 hours. What triggered this surge? It seems to be fueled by a surge, in interest surrounding the Bitcoin ETF.
BlackRock’s Role in the Bitcoin ETF Landscape
In events there have been updates regarding BlackRocks intentions, for a proposed Bitcoin ETF. On October 23 Analyst Scott Johnson shared some information on a social media platform suggesting that the investment giant might be close to receiving approval for their Bitcoin ETF.
Johnson mentioned that BlackRock had obtained a license known as “CUSIP” and could soon begin the process of launching their spot ETF product.
Eric Balchunas, Bloombergs ETF analyst also commented on this development. He explained that while seeding an ETF doesn’t require amounts of funds it is still a sign indicating progress towards the eventual launch of the ETF.
The surge in price wasn’t the aspect experiencing growth; Bitcoins spot trading volume also saw an increase. According to the report within 24 hours the spot trading volume skyrocketed to over $35 billion—a staggering 241% rise compared to the previous day.
While Bitcoin received attention other cryptocurrencies also benefitted from this trend. Ethereums Ether witnessed a growth of 7% Solanas SOL surged by 11% and both Dogecoin and Cardano experienced gains of 8% and 5% respectively.
The sudden and robust movement, in prices left members of the community amazed. The general feeling, among people was one of surprise and curiosity as they wondered about the reasons for such an trend.
Taking a view it appeared that the cryptocurrency market was well positioned for this growth. According to Coinshares data investment products related to assets experienced an increase, in inflows for four consecutive weeks.
