Bitcoin Jumps by 6% in Value to its Highest Level in Nearly 18 Months
Date : 24th October, 2023
THE SOIL – Tuesday saw a 6% increase in Bitcoin’s value to $35,198, its highest level in nearly 18 months. The increasing expectation that an exchange-traded fund (ETF) based on Bitcoin will soon be available is what caused this significant price increase.
The day after a strong weekly gain of 10% on Monday, Bitcoin saw its best day in almost a year. This wave of excitement spread throughout the bitcoin sector and affected correlated stocks.
![bitcoins](https://thesoilnews.com/wp-content/uploads/2023/10/50929253883_7563e82453_c.jpg)
U.S. SEC Approves Creation of Exchange-Traded Fund (ETF) That Will Hold Bitcoin
The U.S. Securities and Exchange Commission (SEC) has approved the creation of an exchange-traded fund (ETF) that will hold bitcoin for the benefit of fund shareholders. This is expected to cause demand for such an investment vehicle to soar.
It is thought that a proposed Bitcoin exchange-traded fund (ETF) may give cautious investors a way to participate in the cryptocurrency market via conventional stock exchanges. This is anticipated to bring in a new round of funding for the digital asset market.
Bitcoin To BE An Extremely Volatile Asset Today
According to Steen Jakobsen, CIO of Saxo, “the amount of people using it basically determines the value of… any asset. So the ETF would make a large audience and increase liquidity.”
With its value having doubled this year, Bitcoin is an extremely volatile asset. It experienced a 3.2% increase to $34,129. In the meantime, Ether, the second-biggest cryptocurrency, hit its highest level since August.
![Steen Jakobsen, CIO of Saxo](https://thesoilnews.com/wp-content/uploads/2023/10/download-1-1.jpeg)
The Business That Owns a Sizable Portion of Bitcoin
Post-market hours saw a rise in the value of companies related to cryptocurrencies, such as well-known U.S. exchange Coinbase Global (COIN.O) and MicroStrategy, the business that owns a sizable portion of Bitcoin (MSTR.O).
Notable banking giant BlackRock (BLK.N) is one of several notable U.S. financial firms that are presently awaiting clearance for Exchange-Traded Funds (ETFs) that would leverage Bitcoin.
Reports Suggests-Expectations Have Increased Even More
The prospect of approval was gaining traction, maybe because BlackRock’s iShares ETF was added to the clearing house DTCC’s list of offerings. The exact moment and reasoning behind the iShares ETF’s listing on DTCC’s list remained a mystery. When asked for remarks, DTCC and BlackRock declined to comment right away.
Following reports, notably those from Reuters, that the SEC has chosen not to appeal a court ruling that determined its earlier denial of an ETF request from the cryptocurrency startup Grayscale Investments was incorrect, expectations have increased even more.
BlackRock Corrected A False Statement About its ETF Being Approved
The possibility of an ETF endorsement is increased by the courts’ influence over the SEC, according to Standard Chartered’s Geoffrey Kendrick, who oversees research on digital assets.
BlackRock corrected a false statement made last week claiming that its ETF had been approved.
Data from the cryptocurrency derivatives tracking tool Coinglass indicates that within the last day, short positions in Bitcoin have significantly decreased.