Bitcoin Climbs Over $35,000 Amid Growing Hopes for Spot ETFs

The cryptocurrency industry is buzzing, with Bitcoin taking the lead, having soared beyond the $35,000 mark - a value that hasn’t been reached since May of last year. In a remarkable 24-hour period, Bitcoin appreciated by 14%, hitting $35,000 before ultimately leveling off at around $34,549, according to sources. Bitcoin (BTC) This impressive rally is linked to two main factors: increasing excitement regarding the potential approval of spot ETFs and a marked rise in trading activity within the spot markets. TradingView data.

Moreover, the recent news about BlackRock’s efforts to launch a spot Bitcoin ETF appears to have energized the market further. Analyst Scott Johnson pointed out in a post on X (formerly Twitter) that BlackRock has recently acquired a particular 'CUSIP' license.

This strategic move suggests that the investment giant may be ready to enter the 'seeding' phase for their spot ETF in the near future. Although Eric Balchunas from Bloomberg noted that seeding an ETF typically doesn't involve massive sums, he recognized that this step indicates progress towards launching the ETF. BlackRock Bitcoin's explosive growth wasn’t a solo act; other cryptocurrencies also soared alongside. Ethereum’s (ETH) Ether

saw a substantial boost, while Solana (SOL) experienced an impressive 11% rise, Dogecoin (DOGE) gained 8%, and Cardano (ADA) enjoyed a modest increase of 5%.

Wait, what the heck just happened? pic.twitter.com/JFX0pr9fFI

— Autism Capital 🧩 (@AutismCapital) October 23, 2023

Bitcoin and Altcoins

It’s interesting to note that the sudden surge in Bitcoin’s price was closely matched by a remarkable spike in its spot trading volume. jumped by 7% In fact, data revealed that within just 24 hours, trading volume skyrocketed by 241%, reaching an astonishing $35 billion.

Such dramatic price movements often leave both market observers and participants astonished and scratching their heads. Independent journalist Autism Capital captured the bewilderment many felt when he questioned, 'What just unfolded?' Coinmarketcap data Yet, if one takes a moment to step back and look at the bigger picture, it becomes clear that the momentum for this swift increase had been gradually building.

Reports indicated that investment products related to digital assets marked their fourth consecutive week of positive inflows, creating a solid foundation for such fluctuations in the market.

Please keep in mind that the content on this page is purely informational and should not be interpreted as legal, financial, or investment advice. It’s essential to only invest what you can afford to lose and to seek independent financial guidance in case of uncertainties. For more details, we recommend checking the terms, conditions, and support resources provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and unbiased news, though market conditions can change rapidly without warning. Coinshares data Nik is a seasoned analyst and contributor at Metaverse Post, offering deep insights into the fast-evolving tech landscape, with a sharp focus on AI/ML, XR, VR, on-chain analytics, and blockchain technology. His writings engage and inform a wide-ranging audience, ensuring they stay ahead in this rapidly changing technological environment. With a Master’s degree in Economics and Management, Nik has a profound understanding of the complexities within the business sphere and its interplay with emerging technologies.