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Bitcoin exceeded $35,000 in the wake of the excitement around the ETF


October, 24 2023
watermark Economic news

Bitcoin briefly reached $35,208 today, after which it lost some in price and is now trading around $34,470. Over the year, the world's largest cryptocurrency has risen in price by 108%. The Ether token has increased in price by more than 8% over the past day, reaching a two-month high. 


In the course of bitcoin's growth, the shares of enterprises involved in the cryptocurrency also demonstrate a confident upward movement. The Coinbase Global exchange, the mining Marathon Digital, the MicroStrategy crypto fund also rose in price on October 23 and continued to grow after the close of trading in the United States.


Bitcoin managed to update one-and-a-half-month highs amid expectations of the imminent launch of bitcoin ETFs in the United States, as well as due to increasing tensions in the Middle East. 


The day before, the US Federal Appeals Court approved Grayscale Investments' application to create a spot asset, despite objections from the US Securities and Exchange Commission (SEC). Earlier, the SEC rejected the idea of an ETF with direct investments in bitcoin, citing the threat of fraud and market manipulation. 


Yesterday it also became known that the Depository Trust & Clearing Corporation, which processes settlements related to transactions on Nasdaq, conducted a listing of an investment instrument (bitcoin-iShares spot Bitcoin ETF) developed by BlackRock. Adding a bitcoin ETF to the Nasdaq partner platform means that the exchange is preparing to launch iShares spot Bitcoin trading, most likely under the IBTC ticker.


The escalation of the Middle East conflict provides additional support to the crypto market. Analysts note that geopolitical risks stimulate demand for scarce assets such as gold and bitcoin.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.