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Bitcoin: BTC Price Reaches Highest Level Since May 2022

Bitcoin (BTC) has reached its highest price level since May 2022, reaching $34,000 on October 23. It continued its upward trajectory, reaching $34,942 by 3.25 a.m. on October 24 and nearly crossing the $35,000 mark by 3.25 a.m. on October 24.

Bitcoin: Factors Driving the Surge

The upcoming potential approval of the first US Bitcoin ETFs has fueled excitement among investors for the cryptocurrency. Companies like BlackRock Inc. and Fidelity Investments are competing to provide these types of products. Bloomberg’s ETF analyst, Eric Balchunas, highlighted on Twitter that BlackRock’s Bitcoin ETF, iShares Bitcoin Trust, has been listed on the DTCC with the ticker “$IBTC”. The Depository Trust and Clearing Corp. (DTCC), which manages clearing and settlement in US markets, plays a crucial role in listing the ETFs.

Moreover, a US federal appeals court confirmed Grayscale Investments LLC’s win in their attempt to establish a spot Bitcoin ETF, despite objections from the US Securities and Exchange Commission (SEC). This decision marks a significant step forward in the SEC’s hesitancy to approve ETFs that directly invest in BTC, citing concerns related to fraud and market manipulation.

Bitcoin’s Remarkable Performance

Bitcoin has witnessed an impressive increase of over 100% year-to-date, starting the year at the $16,000 level. After the collapse of FTX, which led to bearish sentiments in the crypto market, the digital asset has quietly embarked on a journey to redemption, reaching some of its highest levels in 18 months. This achievement is a testament to BTC’s resilience and the growing acceptance of cryptocurrencies in the mainstream financial landscape.

Fundamental Analysis of Bitcoin

In addition to technical indicators, fundamental factors have contributed to BTC’s recent surge. The potential approval of US Bitcoin ETFs has created optimism among investors, as it would provide a regulated and accessible way for institutional and retail investors to gain exposure to BTC. The involvement of prominent financial institutions like BlackRock Inc. and Fidelity Investments further validates BTC’s legitimacy as an asset class.

Furthermore, the court ruling in favour of Grayscale Investments LLC’s spot Bitcoin ETF strengthens the case for wider adoption of BTC. Despite the SEC’s concerns, this decision showcases a growing recognition of the demand for BTC investment products and paves the way for more cryptocurrency-related financial instruments in the future.

Market Outlook

With BTC reaching its highest price level in over a year, investors and analysts closely monitor the cryptocurrency’s next move. Some experts believe that BTC’s current rally could continue, with potential resistance levels at $35,000 and $40,000. However, it is crucial to note that cryptocurrency markets are highly volatile, and price fluctuations can occur rapidly.

It is also worth considering that regulatory developments and market sentiment can significantly impact BTC’s price in the short term. Any negative news or regulatory hurdles could dampen investor enthusiasm and lead to a price correction. Conversely, positive regulatory developments and increased institutional adoption could further propel BTC’s upward trajectory.


BTC’s highest price level since May 2022 demonstrates its resilience and growing acceptance. US Bitcoin ETFs, with companies like BlackRock and Fidelity Investments vying, are generating excitement among investors. A court ruling favours Grayscale Investments’ Bitcoin ETF, reinforcing cryptocurrencies’ legitimacy as investment assets.



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