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Peter Davis

An writer at FOMOdrive

  • Nov 02, 2023
  • 2 min read

Bitcoin soars to $36,000 - what's going on?

After the US Federal Reserve meeting, Bitcoin experienced a surge and reached new highs that had not been seen in a year and a half.

If BTC breaks the $36,000 mark, it could experience a sharp increase.

Bernstein forecasted that Bitcoin would reach a value of $150,000 by the year 2025.

BlackRock's Bitcoin ETF will be supported by major companies providing liquidity.

A world record for transaction speed has been set by the TON blockchain.

Bitcoin has recently reached its highest point of the year, around $36,000, but has yet to break through the significant level. The surge of BTC was driven by the increasing stock market indices and a weakening US dollar, in response to the Federal Reserve's decision to maintain the key interest rate.

If Bitcoin breaks the $36,000 mark, it could experience a sharp rise, according to Galaxy Digital. Options market participants are expecting this, and if Bitcoin reaches $35,750-$36,000, dealers will be required to buy a large amount of spot Bitcoin.

Mike Novogratz, CEO of Galaxy Digital, is confident that the SEC will approve spot Bitcoin ETFs by the end of 2023, and that widespread adoption of these funds in the US stock market will begin in 2024.

CoinDesk has reported that if regulators give the green light to BlackRock's Bitcoin ETF, some of the world's biggest market makers could supply liquidity for the product. Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading have already had conversations with BlackRock, which recently amended its SEC filing to introduce the ETF.

Bernstein analysts have predicted that Bitcoin could reach a value of $150,000 by the beginning of 2025, as stated in a report that looked into the recent changes in the worth of the original cryptocurrency.

According to Anthony Scaramucci, founder of SkyBridge Capital, October was likely the most successful month in the hedge fund's history. Bitcoin had an impressive month, and the fund also holds a large amount of Solana, which has seen a 70% increase in the past month.

Tether, the issuer of the USDT stablecoin, reported its reserves for the third quarter of the year. The company's excess reserves totaled $3.2 billion, according to the report.

During public testing, the TON blockchain set a new world record, surpassing all other blockchains and even the maximum speed of centralized payment systems such as Visa and Mastercard. It achieved a remarkable 104,715 transactions per second (TPS), surpassing the previous record holder, Solana.

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