Bitcoin Surges Above $35,000 Amid Spot ETF Hype
The increased Bitcoin price has been attributed to the heightened anticipation of Bitcoin ETFs, with experts also pointing to the ongoing Middle East conflict. Institutional investors are turning to Bitcoin to diversify their portfolios due to global geopolitical uncertainties.
Bitcoin broke through the $35,000 barrier on Tuesday morning in Asia as the anticipation around potential spot Bitcoin ETF approvals builds. This is the first time the cryptocurrency has reached this level since May 2022.
Bitcoin, the world's largest cryptocurrency by market capitalization, saw a surge, reaching as high as $35,066, according to CoinGecko data. Over the past 24 hours, it recorded a 14.8% increase, contributing to a weekly gain of 22.8%.
The increased Bitcoin price has been attributed to the heightened anticipation of Bitcoin ETFs, with experts also pointing to the ongoing Middle East conflict. Institutional investors are turning to Bitcoin to diversify their portfolios due to global geopolitical uncertainties.
Jack Tan, the co-founder and CEO of crypto trading service WOO Network, noted
that Bitcoin may continue to rise as the anticipation for spot Bitcoin ETFs and concerns about geopolitical turmoil push it higher.
The surge comes after the Depository Trust and Clearing Corporation listed BlackRock's highly anticipated spot Bitcoin ETF, the iShares Bitcoin Trust. This is the first spot ETF listed on DTCC, indicating a potential approval of Bitcoin ETFs. Bloomberg's senior ETF analyst, Eric Balchunas, suggests this development implies that approval is becoming more certain.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
In the midst of this surge, Ethereum also rose 7.8% over the past 24 hours, gaining 13.5% for the week.
As the cryptocurrency market continues to evolve, investors are closely watching these developments in the emerging asset class.
For more details and insights, stay tuned with us.
Please note that cryptocurrency investments come with high risks, and it is crucial to conduct thorough research and seek professional advice before making any investments.
