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Peter Davis

An writer at FOMOdrive

  • Oct 25, 2023
  • 2 min read

Bitcoin soars 26%, above $34,000 - what's going on?

Bitcoin has reached a new high of over $35,200, the highest it has been in a year and a half.

The appearance of a ticker for a spot Bitcoin ETF from BlackRock on the Nasdaq website sparked a wave of excitement.

He vanished later on.

Matrixport is certain that the price of Bitcoin will reach $45,000 in 2021.

On Tuesday, Bitcoin saw a surge of 6.6% (around $2,100), bringing its price up to $33,650. This is the highest it has been in almost 18 months, surpassing the $35,200 mark. Since the start of the week, Bitcoin has grown by 14%, and since the start of the month, it has increased by 26%. The dominance index of the leading cryptocurrency has also reached a new high of 53%, a level not seen in 2.5 years.

There is optimism amongst institutional investors that the US Securities and Exchange Commission (SEC) will soon make a decision to authorize spot Bitcoin Exchange Traded Funds (ETFs), causing Bitcoin to increase in value.

Speculation arose that the SEC may have contacted BlackRock regarding their proposed spot Bitcoin ETF, the iShares Bitcoin Trust, after it briefly appeared on the holdings list of the Depository Trust and Clearing Corporation (DTCC), the Nasdaq settlement firm. The instrument was listed under the ticker IBTC, but then disappeared. Reporter Colin Wu suggested that the SEC may have asked BlackRock to wait.

The US Court of Appeals has officially sanctioned a ruling that necessitates the SEC to reevaluate Grayscale Investments' request to transform GBTC into a spot ETF based on the first cryptocurrency.

Michael van de Poppe, the founder of MN Trading, is highly confident that there is a 99% chance of new financial products being approved. He believes that the surge of altcoins is only a matter of time.

The ongoing tensions in the Middle East may be contributing to the growth of Bitcoin (BTC), as investors look to diversify their risks by investing in the world's first cryptocurrency.

Matrixport is confident that BTC will reach the level of $45,000 this year, which is supported by the "bullish" technical analysis figure of an "ascending triangle".

Ricardo Salinas, a Mexican billionaire, believes that Bitcoin is a great way to protect against inflation taxes, as the government is unable to devalue the leading cryptocurrency. He stated that "Bitcoin will protect people from government theft."

Chainalysis asserts that the US government is losing its grip on the stablecoin market, as more and more transactions are being conducted through crypto firms that are not regulated in the US.

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