- Bitcoin price surged past $34,000, reaching its highest since May 2022.
- The bullish trend is attributed to the growing enthusiasm surrounding the possibility of a Bitcoin ETF.
- BTC was trading at $34,061, up by over 76.21% year-to-date.
In the early hours of Tuesday, the price of Bitcoin surged past the $34,000 level, reaching its highest point since May 2022. The world’s largest cryptocurrency by market capitalization was observed trading at $34,942, fueled by growing enthusiasm surrounding the possibility of a Bitcoin exchange-traded fund (ETF).
The positive sentiment regarding a potential Bitcoin ETF escalated after the Court of Appeals issued a mandate yesterday in the Grayscale Investments’ case against the U.S. Securities and Exchange Commission (SEC). This “formal mandate” effectively orders the SEC to reverse its previous rejection and reevaluate the application by the asset manager to transform its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Over the past few days, the crypto market has been experiencing a surge, with Bitcoin surpassing $30,000. On Monday, it climbed past $31,000 for the first time since May, driven by the expectation that the mandate would clear the way for an ETF.
Crypto analyst John Deaton was quick to point out that someone accurately predicted this happening to Bitcoin. On October 10, CNBC TV host Jim Cramer, known for his contrarian market predictions, expressed doubts about Bitcoin’s future, suggesting a significant drop might be in store.
Another boost to this bullish trend may come from BlackRock, a major player in the investment management industry, which has reportedly made amendments to its proposal for a Bitcoin ETF, potentially paving the way for a launch this month.
The surge in the market can also be attributed to increasing clarity around crypto regulations, as Coinbase defends itself against the SEC. Coinbase plans to use a strategy similar to Ripple’s successful defense, arguing that the SEC lacks evidence of actual contracts.
As of the time of writing, BTC was exchanging hands at $34,061.31, rising notably by over 76.21% year-to-date. However, this value is still only half of its all-time high from two years ago.
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