Bitcoin suddenly rockets past $34K as ETF excitement grows

Bitcoin suddenly rockets past $34K as ETF excitement grows

Oct 23. 2023

By Tom Mitchelhill

Uptober may have finally arrived, with the price of Bitcoin (BTC $34,629) breaking through the $34,000 mark for the first time since May last year, marking a staggering 14% gain in the past 24 hours.

The price of Bitcoin suddenly spiked upwards on Oct. 23, with BTC gaining more than 10% from $31,000 to briefly touch $34,000 before settling down to a current price of $33,349 according to data from TradingView.

The price of Bitcoin over the past two weeks. Source: TradingView

The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.

The surge also ca amid developments relating to BlackRock’s proposed spot Bitcoin ETF.

On Oct. 23, an X (formerly known as Twitter) post from Analyst Scott Johnson, pointed to two new pieces of information that could hint a spot Bitcoin ETF approval is getting closer for investment giant Blackrock.

Johnson pointed out that investment giant Blackrock had secured a specific "CUSIP" licence and may soon begin the process of "seeding" their spot ETF product with cash as early as this month.