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Bitcoin Soars to a 17-month High of $35,000, Marking a 27% Gain in October

by BlockNews.com Team
October 31, 2023
in Breaking News, Business, Crypto
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Bitcoin Soars to a 17-month High of $35,000, Marking a 27% Gain in October
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  • Bitcoin’s price surged in October to nearly $21,000 on optimism around potential US approval of a spot Bitcoin ETF, but fell back below $20,500 by month’s end
  • The initial price surge was fueled by enthusiasm around the ETF, short squeezes, and general crypto market hype, but macroeconomic uncertainties around inflation and recession weighed on prices
  • Failure of the anticipated ETF to materialize disappointed investors, while lingering inflation/recession fears and absence of key catalyst kept crypto hype muted and prices rangebound under $22,000

In October 2022, the price of Bitcoin saw significant volatility. The cryptocurrency surged on optimism around a potential Bitcoin spot ETF approval, only to fall back down later in the month. This price action highlights the continued uncertainty and speculation in the crypto market.

🚨 NEWS: #Bitcoin experienced its strongest monthly rally since January.

Jumping over 28% in anticipation of U.S. bitcoin ETF approvals.

The broader cryptocurrency market only saw an overall market cap increase of ~19%. pic.twitter.com/jD2rnl6F1k

— BlockNews.com (@blocknewsdotcom) October 31, 2023

The Surge

On October 27th, Bitcoin’s price jumped over 10% to nearly $21,000. Analysts attributed this sudden increase to enthusiasm around the potential approval of a Bitcoin spot ETF in the US. A spot Bitcoin ETF would allow mainstream investors easier exposure to Bitcoin prices, likely boosting demand.

Additional factors likely contributing to Bitcoin’s surge were short squeezes, as short sellers rushed to cover their positions as prices rose. Overall crypto market optimism and hype after the ETF news also played a role.

The Fall

Despite the early October optimism, Bitcoin’s price could not sustain its gains. By the end of October, the price had fallen back below $20,500.

Lingering macroeconomic uncertainties weighed on Bitcoin prices throughout the month. These included high inflation, rising interest rates, and recession fears.

Additionally, the failure of the spot Bitcoin ETF to materialize, after initial enthusiasm, disappointed investors. With the key catalyst missing, the crypto hype faded through the end of the month.

Looking Ahead

While Bitcoin saw significant volatility in October, prices remain rangebound between $18,000-$22,000. Macroeconomic factors continue to drive uncertainty in crypto markets. However, if inflation shows signs of peaking, Bitcoin could regain its upside momentum. The possibility of a spot Bitcoin ETF approval could also act as an upside catalyst.

Tags: BitcoinBitcoin ETFBusinesscryptoETF
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