It may finally have happened: the price of Bitcoin (BTC) has broken through $34,000 for the first time since May last year, marking an incredible 14% increase in the last 24 hours.
The price of Bitcoin suddenly rose on October 23, with BTC gaining more than 10% from $31,000 and briefly reaching $34,000 before settling at a current price of $33,349, according to data from TradingView .
The price of Bitcoin in the last two weeks. Source: TradingView
The sudden rise in Bitcoin price comes amid a new wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volume in spot markets.
Analyst Scott Johnson pointed indicate that investment giant Blackrock could begin “seeding” its spot ETF product as early as this month.
Eric Balchunas, an ETF analyst at Bloomberg, wrote that seeding an ETF involves initial funding in exchange for ETF shares that can be traded on the open market.
Note: Seeding is typically not a lot of money, just enough to get an ETF going. So I wouldn’t interpret this as “Oh my God, Blackrock is buying a lot of Bitcoin” at all, but rather that the fact that they are doing it and disclosing it shows another step in the process of bringing it to market.
— Eric Balchunas (@EricBalchunas) October 23, 2023
Crypto market commentators and community members were stunned by the sudden bullish move. Independent journalists Autism Capital ask their 237,000 followers; “What the hell just happened?”
Wait, what the hell just happened? pic.twitter.com/JFX0pr9fFI
— Autism Capital (@AutismCapital) October 23, 2023
This is a developing story and more information will be added as it becomes available.