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Bitcoin price rockets after ETF news

Bitcoin price rockets after ETF news

The price of Bitcoin (BTC) soared to $35,000 (€32,814) on Monday, Oct. 23, as excitement grew over the development in the Bitcoin ETF world. Bitcoin's price broke through the $35,000 mark for the first time in May 2022, this marked a big gain in 24 hours for many investors.

Big growth in crypto market

On Monday, Oct. 23, the price of Bitcoin suddenly skyrocketed. Bitcoin rose this day from $31,000 (€29,064) to more than $34,000 (€31,876), this is an increase of as much as 10%. Less than two hours after breaking through $34,000, BTC rose more than 10%. This was a peak of $35,300 (€33,095), according to data from Tradingview. Furthermore, BTC's rise was also accompanied by significant growth in Bitcoin's "on the spot" traded volume.

While Bitcoin enjoyed the biggest price boost, there were several cryptocurrencies that experienced significant increases. For example, Ethereum (ETH) rose 7% and Solana (SOL) rose 11% . In addition, Dogecoin (DOGE) rose 8% and Cardano (ADA) experienced an increase of as much as 5%.

Bitcoin ETF developments

There have been some developments regarding the fight for a bitcoin ETF, these developments have played a big role in the big rise in the price of bitcoin.

First of all, news came out that BlackRock has indicated in its recent ETF amendment that they will be seeding the exchange-traded fund in October, this means that the initial launch will be provided in preparation for approval by the SEC, better known as the U.S. Securities and Exchange Commission.

It also came out that BlackRock's ETF has been listed on the Depocitory Trust & Clearing Corporation (DTCC). This is part of the process you have to go through to get an ETF on the market.