The post Bitcoin price rockets to $35K as ETF excitement grows appeared on BitcoinEthereumNews.com.

The price of Bitcoin (BTC) broke through the $35,000 mark for the first time since May 2022, marking a staggering gain in the past 24 hours. The price of Bitcoin suddenly spiked upward on Oct. 23, with BTC gaining more than 10% from $31,000 to over $34,000. Less than two hours after breaking $34,000, Bitcoin reached as high as $35,300, according to data from TradingView. Bitcoin is currently changing hands for a price of $34,550. The price of Bitcoin surged to as high as $35,300 on Oct. 24. Source: TradingView The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot exchange-traded fund (ETF) approvals and a significant increase in overall trading volumes across spot markets. The surge also came amid developments relating to BlackRock’s proposed spot Bitcoin ETF. On Oct. 23, an X (formerly known as Twitter) post from analyst Scott Johnson pointed to two new pieces of information that could hint that a spot Bitcoin ETF approval is getting closer for the investment giant. Johnson pointed out that BlackRock had secured a specific “CUSIP” license and may soon begin the process of “seeding” its spot ETF product with cash as early as this month.  In response to the post, senior Bloomberg ETF analyst Eric Balchunas noted that seeding an ETF is “typically not a lot of money” and would be just enough to get an ETF going; however, he admitted that it is overall a good sign and marks “another step in the process of launching.” Note: Seeding is typically not a lot of money just enough to get ETF going. So I wouldn’t read this as ‘omg Blackrock is buying a ton of bitcoin’ at all but more the fact they doing it and disclosing it shows another step in the process…

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Filed under: News - @ October 24, 2023 3:22 pm