Bitcoin soars to $35,000, at one-and-a-half-year high on ETF bets

Bitcoin, the world's largest cryptocurency, rose 10 percent to one-and-a-half-year highs, on the back of speculation surrounding a bitcoin exchange-traded fund (ETF)

Livemint (with inputs from Reuters)
Updated24 Oct 2023, 09:38 AM IST
Anticipation of a bitcoin ETF has grown after reports that the US SEC won't appeal a ruling it was wrong to reject Grayscale Investments' application
Anticipation of a bitcoin ETF has grown after reports that the US SEC won’t appeal a ruling it was wrong to reject Grayscale Investments’ application

Bitcoin has soared 11.86 percent intraday on October 24, touching $34,322.47, as per CoinMarketCap data. Over a week, it has moved up 21.33 percent.

On October 23, the world's largest cryptocurency rose 10 percent to one-and-a-half-year highs, on the back of speculation surrounding a bitcoin exchange-traded fund (ETF), as per a Reuters report. Increased enthusiasm caused short sellers to quit positions and crypto-linked stocks also rose, it added. 

Among other big crypto gainers were Coinbase and MicroStrategy, who rose in after-hours United States trade. Ether also hiked 6 percent to a two-month high and above its 200 day moving average, the report noted. 

Anticipation Increases

Several news reports about the US Securities and Exchange Commission (SEC) not appealing a ruling it was wrong to reject an application from Grayscale Investments has increased anticipation in the market. 

A spot bitcoin ETF is being viewed as positive for in-flows into the crypto space for higher number of investors without direct trading exposure.

"The market is doing its best to front-run the approval of a physical BTC ETF, with consensus being that it will happen some time in the next three months, if not sooner," said Matthew Dibb, CIO at crypto asset manager Astronaut Capital told Reuters.

Various companies including names such as BlackRock, Bitwise, Fidelity, Invesco, VanEck and WisdomTree have bitcoin ETF applications pending. BlackRock's project is particular is gather major interest, the report added. 

Geopolitical Risks

Dibb added Coinglass data showed heavy shedding of bitcoin short positions over 24 hours period amid concerns surrounding the Israel-Hamas War and Middle-East situation.

"We have seen recent geopolitical tensions drive demand for scarce assets, including both physical gold and bitcoin, which many investors view as digital gold," Zach Pandl, MD of research at Grayscale Investments told Reuters. 

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First Published:24 Oct 2023, 09:38 AM IST
HomeMarketsCryptocurrencyBitcoin soars to $35,000, at one-and-a-half-year high on ETF bets

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