Bitcoin's price has soared, reaching the significant $35,000 mark for the first time since May 2022, amidst growing excitement surrounding developments in the Bitcoin ETF sector.
The crypto leviathan experienced a staggering ascent on Oct. 23, surging more than 10% in a 24-hour span, from $31,000 to over $34,000. Less than two hours post this feat, Bitcoin peaked at $35,300, with current values floating around $34,550, according to TradingView data.
This surge is largely attributed to escalating anticipation for the potential approval of spot Bitcoin ETFs.
We've observed a rapid price acceleration of Bitcoin recently, primarily due to the heightened anticipation of Bitcoin ETFs this year," remarked Lucy Hu, Senior Trader at Metalpha.
She also inferred that the ongoing Middle East tensions could be another catalyst, prompting institutional investors to diversify risks by integrating Bitcoin into their portfolios.
Notably, the buzz around BlackRock’s proposed spot Bitcoin ETF has added fuel to the fire. Recent insights indicate BlackRock's progress towards the launch of its spot ETF product. After securing a particular "CUSIP" license, there's speculation that BlackRock may soon kickstart the "seeding" process for its ETF.
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This information became public after an X (previously known as Twitter) post from analyst Scott Johnson highlighted these strides. Bloomberg's senior ETF analyst, Eric Balchunas, responded to this by stating that while seeding an ETF isn't typically substantial in monetary terms, it's undoubtedly a step forward in the launch process.
Furthermore, BlackRock's iShares Bitcoin Trust, a keenly anticipated spot Bitcoin ETF, recently appeared on a list maintained by the Depository Trust and Clearing Corporation.
Balchunas commented on this development, emphasizing the significance of BlackRock spearheading these crucial preparatory steps, which typically precede a launch.
Aside from Bitcoin, other cryptocurrencies also enjoyed positive price momentum. Ethereum's native currency, Ether, grew by 7.8% in 24 hours, and Solana’s SOL jumped a massive 11%.
Summing it up, the crypto market is brimming with excitement, and the sentiment is buoyant as the community awaits the unfolding developments in the Bitcoin ETF arena.
