The world’s biggest Cryptocurrency by market capitalization, Bitcoin, touched the $35,000 mark for the first time since May 2022, marking a spiked gain in the past 24 hours.
Oct. 23rd saw BTC gaining more than 10% from $31,000 to over $34,000.
Not too long after basking $34,000, Bitcoin touched as high as $35,300 according to data from TradingView. However, Bitcoin is currently strolling around the $33, 500 mark.
Why this move?
The sudden spike in the price of Bitcoin has been attributed to the sudden hike in the wave of interest regarding upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.
Bullish sentiments have enveloped the crypto community as the iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment firm BlackRock has been listed on the Depository Trust & Clearing Corporation (DTCC), suggesting potential approval by the United States Securities and Exchange Commission.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
While the Crypto community anticipates bullishness, we shouldn’t overlook the few experts who have bearish sentiments on the issue of BitcoinETF, as few market experts say it can create a market monopoly, leading to censorship and centralization. Also, others foresee a “SELL THE NEWS POLICY”.
Amazingly, given what’s still a deep bear market in #bitcoin, a consensus has kind of emerged that approval of a spot ETF might be a “sell the news” event. Not so fast, says EY’s Paul Brody.@SteveAlpher reportshttps://t.co/pzucLCPGhd
— CoinDesk (@CoinDesk) October 24, 2023