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Bitcoin Touches $35k For The First Time This Year As Investors Anticipate Spot Bitcoin ETF Approval

Twitter icon  •  Published il y a 6 mois  •  Hassan Maishera

Bitcoin touched the $35k level for the first time this year as investors become increasingly optimistic about a spot Bitcoin ETF approval.

TL;DR

  • Bitcoin touched the $35k level on Monday after rallying by more than 12% in the last 24 hours.

  • Investors are optimistic that the SEC will approve several spot Bitcoin ETF applications in the coming weeks or months.

Bitcoin Attains A New 2023 High

Bitcoin, the world’s leading cryptocurrency by market cap, rallied by more than 12% on Monday to reach a new 2023 high. The rally saw BTC touch the $35,200 mark for the first time in more than a year.

Thanks to this latest rally, Bitcoin has added nearly 100% to its value year-to-date, outperforming the other major financial assets during that period.

Bitcoin has slightly retraced and is now trading just below the $34k mark. The rally came following optimism by investors that the US SEC could soon approve a spot Bitcoin exchange-traded fund (ETF).

Earlier on Monday, BlackRock’s proposed spot bitcoin ETF, the iShares Bitcoin Trust, was seen on a list maintained by the Depository Trust and Clearing Corporation with the ticker IBTC.

Although the SEC has yet to approve BlackRock’s Bitcoin ETF, the DTCC listed the BlackRock fund's ticker as IBTC. Bloomberg senior ETF analyst Eric Balchunas stated that,

"This is the first spot ETF listed on DTCC. None of the others on there (yet). Def notable BlackRock is leading charge on these logistics (seeding, ticker, dtcc) that tend to happen just prior to launch. Hard not to view this as them getting signal that approval is certain/imminent."

Altcoins Rally Higher

Bitcoin’s rally also prompted altcoins to record massive gains. Ether, the second-largest cryptocurrency by market cap, is up by more than 7% and is trading above the $1,800 level for the first time in months.

Dogecoin is another top performer amongst the leading 20 cryptocurrencies by market cap, adding 6% to its value in the last 24 hours. At press time, the price of DOGE stands at $0.06673.

Thanks to the latest rally, the total cryptocurrency market cap now stands at $1.25 trillion, up by more than 7% in the last 24 hours.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.