The price of Bitcoin has been fluctuating within a narrow range of $25,000 to $30,000 for the past 30 trading weeks and has remained below $30,000 since May 2022. However, on Tuesday, October 24, 2023, the price of Bitcoin experienced a sudden surge in response to ongoing discussions about the Spot Bitcoin ETF.
Bitcoin prices surge amid Spot Bitcoin ETF buzz
This marks the first time since May 2022 that the price of Bitcoin has broken a significant resistance level of $31,000 and reached $35,000. This movement resulted in a significant gain within the last 24 hours. On October 23, 2023, Bitcoin’s price also saw a significant 10% increase, rising from $31,000 to $34,000.
According to data from TradingView, less than two hours after reaching the milestone of $34,000, Bitcoin’s price also reached its 52-week high of $35,300. As of writing, the price of Bitcoin is hovering around $34,100, and gathering more support from investors.
This sudden price surge coincided with increased interest in the upcoming approval of the spot exchange-traded fund (ETF) and a recent Bitcoin prediction made by Morgan Stanley on October 23, 2023, as reported by Todayq News.
BlackRock’s progress towards ETF approval
The significant surge in the price of Bitcoin occurred after news circulated that BlackRock’s spot Bitcoin ETF is getting closer to approval.
On October 23, 2023, a post by analyst Scott Johnson on X (formerly Twitter) grabbed everyone’s attention regarding Bitcoin, as he highlighted information that directly hinted at the potential approval of BlackRock’s Spot Bitcoin ETF.
In Johnson’s post, two pieces of information were pointed out:
- BlackRock obtained a special license called a “CUSIP,” indicating its serious intent regarding the Spot Bitcoin ETF.
- BlackRock is considering providing initial funding, referred to as “seeding,” for the ETF. This suggests a step towards a potential ETF launch.
Eric Balchunas, an ETF expert and analyst at Bloomberg, commented that the amount typically allocated for seeding isn’t substantial, but it’s sufficient to initiate the ETF. These developments indicate progress in BlackRock’s pursuit of Bitcoin ETF approval.
However, this news not only affects the price of Bitcoin but also has an impact on the overall crypto market. Ethereum gained nearly 7%, while Solana saw a significant increase of 11%. Additionally, Dogecoin also experienced a momentary increase of 8%, and Cardano gained a modest 5%.
As of now, the overall crypto market is responding to some positive developments related to ETFs. Investors are becoming increasingly concerned about what will happen when the actual Spot Bitcoin ETF is approved. Is this just a trailer?
