Bitcoin Price Soars Past $34,000, Marking a 14% Gain in 24 Hours
Uptober may have finally arrived, as Bitcoin (BTC) broke through the $34,000 mark for the first time since May of last year. The surge in price took the cryptocurrency community by surprise, with the value of BTC experiencing a staggering 14% gain in just 24 hours.
On October 23, Bitcoin’s price suddenly spiked upwards, gaining over 10% from $31,000 to briefly touch $34,000 before settling down to its current price of $33,349, according to data from TradingView. This sudden uptick in price comes amidst a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.
Furthermore, developments relating to BlackRock’s proposed spot Bitcoin ETF have also played a role in the surge. Analyst Scott Johnson recently pointed to two new pieces of information that suggest BlackRock may be getting closer to obtaining approval for a spot Bitcoin ETF. Johnson highlighted that BlackRock had secured a specific “CUSIP” license and may soon begin the process of “seeding” their spot ETF product with cash, possibly as early as this month.
Seeding an ETF typically requires a relatively small amount of money to get it started. Senior Bloomberg ETF analyst Eric Balchunas noted that although the amount may not be significant, it is a positive sign and marks another step in the process of launching the ETF.
In addition to the price surge, trading volumes for Bitcoin also experienced significant growth. Spot trading volume surpassed $35 billion over the past 24 hours, representing a gain of 241% in the same period, according to data from Coinmarketcap.
The positive momentum in the market has also impacted other cryptocurrencies. Ethereum’s native currency Ether (ETH) grew by 7%, Solana (SOL) gained a substantial 11%, Dogecoin (DOGE) increased by 8%, and Cardano (ADA) saw a 5% gain.
Crypto market commentators and community members were left bewildered by the sudden price movement, with some expressing their astonishment on social media. The surge in Bitcoin’s price coincided with a favorable setup for cryptocurrencies, as Coinshares data showed that digital asset investment products experienced a fourth consecutive week of inflows.
As Bitcoin continues to break through key resistance levels, the cryptocurrency market is abuzz with speculation and excitement about what the future holds for the world’s most popular digital currency.
Sources:
– TradingView
– Coinmarketcap
– Scott Johnson’s Twitter
– Eric Balchunas’ Twitter
– Coinshares