Bitcoin reaches its highest level since May 2022

In what is gearing up to be the most bullish run of Bitcoin this year, the cryptocurrency almost hit the $35,000 mark very early on Tuesday.   

Data available to Nairametrics shows that after hitting the $30,000 mark on Monday, October 23, 2023, bitcoin continued its bullish run with a major spike experienced by 11.45 pm on October 23, hitting the $34,000 mark. 

 

By 3.25 A.M on October 24, the digital asset hit its highest mark since May 2022, almost crossing the $35,000 mark, hitting $34,942.

However, at the time of writing, it had pared an increase to settle in the $33,000 region. The coin has appreciated by over 10% from yesterday’s levels.   

Potential cause of the spike

It is noted that the upcoming potential approval of the first US Bitcoin ETFs is fueling excitement among investors for the cryptocurrency. Companies like BlackRock Inc. and Fidelity Investments are also competing to provide these types of products.   

Bloomberg’s ETF analyst, Eric Balchunas, highlighted on X (Twitter) that Blackrock’s Bitcoin ETF, iShares Bitcoin Trust has been listed on the DTCC with the ticker “$IBTC.” The DTCC, also known as the Depository Trust and Clearing Corp., manages clearing and settlement in US markets.

On Monday, a US federal appeals court also confirmed Grayscale Investments LLC’s win in their attempt to establish a spot Bitcoin ETF, despite objections from the US Securities and Exchange Commission.

Until now, the SEC has been hesitant to approve ETFs that directly invest in Bitcoin, pointing to risks like fraud and market manipulation.   

What you should know

Bitcoin has achieved over 100% increase year-to-date, after starting the year at the $16,000 level.

After the collapse of FTX which led to bearish sentiments in the crypto market, the digital asset has quietly been on a journey to redemption, reaching some of its highest levels in 18 months.