"Investors must be happy, yes the whole crypto market is green."
Without realizing it, the price of the king of cryptocurrency Bitcoin (BTC) managed to climb to break through $34,700 for the first time since May last year amid the atmosphere of investors who are increasingly interested in spot BTC ETF.
In addition to a significant increase in trading volume for the spot market, the price of BTC also saw a fairly drastic rise following the spot BTC ETF proposed by investment giant BlackRock.
According to analyst Scott Johnson on October 23, 2023, there are two new pieces of information that could prompt approval of the spot BTC ETF for BlackRock to be accelerated.
BlackRock has acquired a special “CUSIP” license, then will soon begin the process of their most awaited ETF spot product with cash, Johnson commented in more detail.
Please note that the BTC price increase also comes as a significant growth in BTC spot trading volume has occurred, where spot trading volume has soared to over $35 billion in the past 24 hours which is an increase of 241%.
So here it can be seen that there are encouraging signs for the entire crypto market starting an upward momentum plus Coinshares data shows that digital asset investment products are seeing trends for the fourth week in a row.
As of this writing, BTC price has surged by 11.94% to $33,781 in the last 24 hours with a market cap of $659 billion and is up 19.25% over the last week.
