Bitcoin tops $35000, at one-and-a-half-year high on ETF bets

Shocking: Bitcoin has now soared to $35,000 at a one-and-a-half-year high on the ETF bets. The world’s biggest cryptocurrency, Bitcoin has now rosed to 10% to one-and-a-half-year highs at the back of speculation in bitcoin exchange-traded fund (ETF). The current anticipation of the bitcoin ETF has now grown up after the reports in which the US SEC has not appealed the ruling and it was very bad to reject the application of  Grayscale Investments. Now to learn everything regarding the Bitcoin situation in the market at this time, read this article until the end without missing anything.

Bitcoin

According to the source, Bitcoin has now soared to 11.86% intraday on 24th October 2023, and Tuesday has touched $34,322.47. This information has been shared by the CoinMarketCap. From the previous week, it has been moved up to 21.33%. Yesterday, the largest cryptocurrency in the entire world, Bitcoind rose 10% to one-and-a-half-year highs on which there was some speculation surrounding a bitcoin exchange-traded fund (ETF). The increased enthusiasm has caused the short sellers to quit their positions and crypto-linked stocks have now also risen. The big crypto gainers which are MicroStrategy and Coiunbase have now rosed after some hours of United States trade. Scroll down to learn some more details.

there are some anticipations that the United States Securities and Exchange Commission (SEC) is now not appealing a ruling as it was wrong to reject the application of Grayscale Investments which has rapidly increased the anticipation in the market right now. ETF is currently being viewed as positive for in-flows in the crypto space for a large number of investors as there is not any direct trading exposure. At this time the market is having a great time to front-run the approval of the physical BTC ETF as it has some consequences which are going to happen after some time in the upcoming three months.

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Some companies like BlackRock, Fidelity, Invescom VanEck, WisdomTree, and Bitwise have pending Bitcoin ETF applications. The project of BlackRock has gained some interest. The data has shown that there is a heavy shedding of the bitcoin short potions in the 24 hours because of the concerns surrounding the Israel and Hamas war and the situation in the Middle East. The Grayscale Investments company has said that they have checked the current geopolitical tensions which have derived the demand for the scarce assets and it includes bitcoin and physical gold which might have various investors view as digital gold.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging