The price of Bitcoin (BTC) surged sharply to near USD 35,000 in the last 24 hours, marking an increase of more than 10 percent. This happened thanks to the latest developments regarding Bitcoin ETFs.
This is the first time since May 2022 that the Bitcoin price has moved above the USD 34,000 mark. This event also indicates that the “Uptober” phenomenon in crypto is real.
Ajaib Crypto Financial Expert, Panji Yudha said, as of October 1, the price of BTC was at USD 28,000 and as of today Tuesday (24/10/2023), BTC was at a price of 34,770 so it has risen by more than 20 percent throughout October 2023.
“Next, BTC needs to stay above USD 28,000 at the close of October 31 to close October again bullishly or often known as “Uptober”,” said Panji in his official statement, Tuesday (24/10/2023).
Tuesday (24/10/2023) at 09.00 WIB, BTC was perched at USD 33,520, even though it was down from yesterday’s highest price of USD 34,778. BTC is still said to have shot up 10.35 percent in the last 24 hours and strengthened 20.90 percent in the last seven day period. Ethereum (ETH) is perched at USD 1,830, gaining 7.90 percent in the last 24 hours and up 15.20 percent in the last seven days.
“Bitcoin has been on a tear towards the end of October. Currently, BTC’s closest target is in the range of USD 35,000 – USD 36,000 and you need to be aware of the potential for profit taking in this area. “Meanwhile, next week market players will also wait and see waiting for the interest rate decision at the FOMC October 31 – November 1,” said Panji.
Meanwhile, the global Crypto Asset market capitalization on Tuesday (24/10/2023) at 09.00 WIB was at USD 1,221 trillion, up 8.15 percent in the last 24 hours.
Several Altcoins also experienced significant increases in the last week, such as Solana (SOL), which managed to penetrate the USD 30 price level, sitting at USD 31.55, up 29.78 percent in the last 7 days, where this price was last seen in July 2023. Meanwhile, Ripple got a breath of fresh air after the SEC dropped charges against the two Ripple executives. The price of XRP rose to above USUSD 0.5, up 11.42 percent in the last 7 days.
Meanwhile, Chainlink (LINK) was one of the top gainers in the last week, experiencing an increase of 38.80 percent, leaving the consolidation area of the last 17 months and reaching a price of USD 11.
“This sudden increase was triggered by a renewed wave of interest in the upcoming spot ETF approval, as well as a significant increase in overall trading volumes as well as some other positive news,” he said.
One of the important events was the listing of the iShares spot Bitcoin exchange-traded fund (ETF) proposed by investment company BlackRock on the Depository Trust & Clearing Corporation (DTCC), which is a financial services company that provides clearing and settlement services for financial markets. DTCC is the clearinghouse for NASDAQ trading according to ETF expert Eric Balchunas.
This shows the next process in bringing a crypto ETF to the market, amidst the anticipation of investment managers and market players who are still waiting for approval by the Securities and Exchange Commission (SEC).
