The Bitcoin cryptocurrency nearly reached the $35,000 mark early on Tuesday, beginning what is expected to be the biggest bullish run of Bitcoin this year.
According to The Times, Bitcoin maintained its bullish run after reaching the $30,000 barrier on Monday, October 23, 2023, with a significant jump occurring at 11.45 p.m. the same day when it reached the $34,000 milestone.
On October 24, around 3.25 A.M., the digital asset reached a peak point not seen since May 2022, nearly surpassing the $35,000 threshold at $34,942.
However, as of the publication of this article, it had reduced an increase to settle around $33,000. Over 10% more has been added to the coin’s value since yesterday.
It has been highlighted that investors’ enthusiasm for Bitcoin is growing as a result of the imminent likely approval of the first US Bitcoin ETFs. To offer these solutions, businesses like BlackRock Inc. and Fidelity Investments are also in competition.
As a result of dangers including fraud and market manipulation, the SEC has been reluctant to allow ETFs that invest directly in Bitcoin.
After beginning the year at $16,000, Bitcoin has increased by more than 100% so far this year.
The digital asset has subtly been on a road to redemption since the fall of FTX, which caused gloomy feelings in the cryptocurrency market, hitting some of its highest levels in 18 months.