Bitcoin hits 16-month high as tops $35K

Bitcoin hits 16-month high as tops $35K - Why Bitcoin Price is surging?

Bitcoin hits 16-month high as tops $35K

The most utilized cryptocurrency bitcoin hits a 16-month high as it tops $35K. The price of Bitcoin for the first time since May 2022 has crossed $35K.

Traders have become very optimistic that Bitcoin exchange-traded funds (ETF) will get approved in the United States of America.

Bitcoin hits 16-month high as tops $35K

Why Bitcoin Price is rising?

The price of Bitcoin is up more than 11.22% over the past 24 hours and about 21% over the last week among multiple developments which seem to boost the wider cryptocurrency market. The Bitcoin price boost appears to happen because of continuous optimism around a potential spot exchange-traded funds ETF.

Among ETFs BlackRock and Fidelity started changes to Bitcoin ETF submissions spot over last week. Recently, Grayscale submitted an S-3 filing with the Securities and Exchange Commission (SEC). It indicates to list of shares of Grayscale Bitcoin Trust on the NYSE Arca.

Grayscale is an American digital currency asset management company while NYSE Arca is an electronic securities exchange in the U.S. on which exchange-traded products (ETPs) and shares are listed.

Also, the recent surge in Bitcoin’s value can be partly credited to the United States Securities and Exchange Commission’s (SEC) decision to dismiss all charges against Ripple’s leadership, including CEO Brad Garlinghouse.

Bitcoin’s Dominance and J.P. Morgan Predicts SEC Approval of Spot ETF

J.P. Morgan said recently that the SEC is expected to approve a spot ETF within a few upcoming months. As the final deadlines for the application of Ark 21Shares come closer. Ark 21Shares is a spot Bitcoin ETF in partnership with ARK Invest. J.P. Morgan is an asset management company that provides updates on the latest market trends in finance.

There are also new reports indicating Hong Kong has reversed its stance on a potential ETF spot for crypto. After these new changes to potential spot exchange-traded funds ETF, the Bitcoin price has achieved new highs boosting its dominance against other top cryptocurrencies. First, it crossed the price of $30K yesterday Oct 23, 2023, and today it approached $35K.

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This sudden increase in price has pushed the market dominance of Bitcoin to an impressive level of 54%. This level has not been seen for the past two years.

The level of 31,000 is important for Bitcoin as it has acted as resistance over the past few months. So the breach of the $31K level was all that the world’s largest cryptocurrency Bitcoin required to invalidate the bearish fractal indicator according to a crypto trader and analyst.

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