Crypto News

Bitcoin surges unexpectedly beyond $34,000 as ETF enthusiasm grows

As news about changes in the Bitcoin ETF area spread, the price of Bitcoin (BTC) quickly rose to $34,000.

As of right now, the price of Bitcoin (BTC) is down $34,601, breaking through the $34,000 mark for the first time since May of last year. This is a huge 14% increase in just 24 hours. 

On October 23, the price of Bitcoin quickly went through the roof. BTC went up more than 10% from $31,000 to briefly touch $34,000 before settling down to its current price of $33,865.

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The quick rise in Bitcoin’s price comes at a time when there is a lot of excitement about upcoming spot ETF approvals and a big rise in trading volumes across all spot markets.

Johnson said that Blackrock, a big investment company, had gained a certain “CUSIP” license and could start “seeding” their spot ETF product with cash as early as this month.

Eric Balchunas, a senior analyst at Bloomberg ETFs, replied to this post by saying that starting an ETF is “usually not a lot of money” and would be just enough to get it going. He did say that it is “another step in the process of launching,” which is a good thing in general.

Along with the quick rise in price, there was a big rise in the number of Bitcoins that were traded on the spot market. 

Price increases helped other cryptocurrencies as well, even though Bitcoin saw the biggest jump. For example, Ether, the original currency of Ethereum, went up 7%, and Solana, SOL went up a huge 11%. Cardano, ADA was up 5%, which was a little less than Dogecoin’s 8% gain.

 

 

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