Why Bitcoin Price Is Up This Week?

Bitcoin achieved a new high in 2023 as BlackRock listed its iShares Bitcoin ETF on the DTCC platform and a court directed the SEC to reassess Grayscale's application.

Uptober has seemingly made its debut, as the Bitcoin Price surged past the $34,000 (₹28,24,000) threshold for the first time since May of the previous year, registering an impressive 14% increase in just 24 hours.

On October 23rd, the price of Bitcoin experienced a sudden and significant upward spike, representing a gain of more than 10%. In less than two hours following the breach of the $34,000 level, Bitcoin reached a peak of $35,300 (₹29,32,200), as reported by TradingView data. Presently, Bitcoin is being exchanged at a value of $34,345 (₹28,60,480).


Bitcoin Price Chart

Bitcoin Price Shoots Over Bitcoin ETF Approval

The abrupt increase in Bitcoin’s price coincided with a renewed interest in forthcoming spot ETF approvals and a notable surge in overall trading volumes within spot markets. This surge was also influenced by developments associated with BlackRock’s proposed spot Bitcoin ETF.

On October 23, a tweet by Analyst Scott Johnson highlighted two new pieces of information that may suggest a spot Bitcoin ETF approval is nearing for the investment giant. Johnson highlighted that BlackRock had obtained a specific “CUSIP” license and might soon initiate the “seeding” of their spot ETF product with cash, possibly as early as this month.

Responding to the tweet, senior Bloomberg ETF analyst Eric Balchunas observed that seeding an ETF typically doesn’t require a substantial amount of money; it’s just enough to kickstart an ETF. However, he acknowledged that this is a positive indication and represents “another step in the process of launching.”

Analysts on Bitcoin Price

Alongside the sudden price surge, Bitcoin’s spot trading volume witnessed a remarkable expansion. As of the latest report, the 24-hour spot trading volume had exceeded $35 billion, marking a staggering 241% increase during the same timeframe, according to data from CoinMarketCap.

While Bitcoin led the way with a substantial price increase, the overall trend of rising prices also benefited other cryptocurrencies. Ether, Ethereum’s native coin, saw a 7% growth, Solana surged by an impressive 11%, and Dogecoin experienced an 8% increase. Meanwhile, Cardano, with a slightly more modest gain, rose by 5%.

Riding the Wave of Bitcoin Price Growth

The surge in Bitcoin’s price has primarily followed an upward trajectory, though it encountered occasional fluctuations along the way. Over the past 24 hours, this digital asset has surged by more than 14%, with other key metrics, such as market capitalization and daily trading volume, quickly catching up.

The daily trading volume for Bitcoin has skyrocketed by 257% since the start of this rally, currently standing at $44.7 billion. Similarly, Bitcoin’s open interest has experienced a 6.36% surge across all exchanges, bringing the total open interest to $15.05 billion at the time of this report.

Moreover, the Bitcoin Fear & Greed Index has reached a six-month high, indicating a substantial level of greed among investors, with a reading of 66. This suggests a greater willingness among investors to enter the digital asset market, as evidenced by the rising daily trading volumes mentioned earlier.

Conclusion

The crypto market has exhibited remarkable potential for profit in the past 24 hours, with Bitcoin notably leading the charge. This surge is not an isolated event but part of a larger trend. 

The anticipation surrounding the approval of a Bitcoin ETF suggests a promising future, indicating that this bullish momentum may endure over an extended period. While past performance doesn’t guarantee future results, the growing acceptance and integration of cryptocurrencies in mainstream finance signify a transformative era for digital assets. 

To learn more about the trends of Bitcoin Price, go check out SunCrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you please do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

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