Bitcoin marked an exponential rise, going over the $35,000 mark for a brief period, while the entire crypto price surge saw an influx of bullish signals.
The crypto market sharply rose as traders and investors initiated a buying spree. Most of the positive signals might have risen from probable crypto ETFs. The ETFs are currently awaiting regulators’ approval, but their future benefits have sparked hope in the crypto market. Bitcoin led the crypto price surge , hitting its highest levels in around eighteen months. While it traded at $35,000 for a while, it eventually slid down below the mark.
Since Bitcoin’s consolidation above $30,000 might have become firm, investors could drive it further ahead. Overall trading volumes have increased in anticipation of the crypto ETFs. Bitcoin’s spot trading volume has also increased significantly in the last 24 hours. Inflows into digital asset investment products are continuing to rise as well. BTC investment products are, as usual, leading the inflows.
A Bloomberg analyst also noticed Blackrock’s spot Bitcoin ETF listing on Depository Trust & Clearing Corporation (DTCC). He suggested it could be on the road to approval, which sparked an online positive outcry on social media. Blackrock’s crypto ETFs are crucial for other crypto funds to make their way into the crypto market. They could bring sufficient liquidity to the market, helping it rise to record levels.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,000 on October 24, 2023, with BTC/USD trading higher by a huge margin of 10.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (28,156.54), as BTC’s 24-hour volume was at around $47 billion.
Bitcoin has seen around 105.40% returns on a year-to-date basis. 7-day returns for BTC stand at 20.7%, while its 100-day EMA was at around $28,152.89. Bitcoin’s overall market capitalization is trading at around $664 billion. The crypto market surged by over 7.2% to over $1.29 trillion.