Bitcoin Hits Highest Price Since May 2022
Tuesday 24 October 2023
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Bitcoin Hits Highest Price Since May 2022
In an extraordinary turn of events, Bitcoin has surged to levels not witnessed since May 2022, sending shockwaves throughout the cryptocurrency world and beyond. The digital currency's meteoric rise has taken the financial markets by storm, with its price nearly breaching the $35,000 mark.
Just a day ago, Bitcoin made headlines by breaking the $30,000 barrier on October 23, 2023. However, this was just the beginning of an astonishing ascent. By the late hours of the same day, it skyrocketed to $34,000, and in the early hours of October 24, it flirted with the elusive $35,000 mark, hitting an impressive $34,942 before settling around $33,000. CONTINUE READING....
What's driving this unprecedented surge? One major catalyst is the fervent anticipation surrounding the potential approval of the first-ever US Bitcoin exchange-traded funds (ETFs). This development has set the stage for fierce competition among financial giants like BlackRock Inc. and Fidelity Investments, both vying to provide investors with these groundbreaking investment products.
BlackRock's iShares Bitcoin Trust, often referred to as the "$IBTC," is of particular interest. It's been listed on the Depository Trust and Clearing Corp. (DTCC), a significant player in the clearing and settlement of transactions in US markets.
In a groundbreaking twist, a US federal appeals court recently upheld Grayscale Investments LLC's victory in their quest to introduce a spot Bitcoin ETF. This ruling comes despite the strong objections of the US Securities and Exchange Commission (SEC). This marks a potential shift in the regulatory stance on Bitcoin ETFs. CONTINUE READING.....
This extraordinary Bitcoin surge has resulted in a year-to-date increase of over 100%, starting the year at a modest $16,000. This resurgence follows a period of uncertainty in the crypto market, triggered in part by the FTX exchange's troubles. Bitcoin has been on a quiet but powerful journey to redemption, reaching some of its highest levels in the past 18 months.
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