Rally

Bitcoin ETF

Bitcoin

Spot

<h4><strong>Several pivotal developments have contributed to this impressive price spike, leaving investors and enthusiasts buzzing with excitement. </strong></h4> 
<p>In this article, you will explore these catalysts and their implications for the increase of the price of BTC in the last 24 hours.</p> 
<h5><strong>1. BlackRock’s Spot ETF on Depository Trust &amp; Clearing Corporation (NASDAQ)</strong></h5> 
<p>One of the most noteworthy events that sent Bitcoin on an upward trajectory was the listing of BlackRock’s spot ETF on the <a href="https://www.dtcc.com/" target="_blank" rel="noopener">DTCC</a>. Which trades on the NASDAQ stock exchange. So, BlackRock is known for its growing interest in cryptocurrencies. The ETF’s listing on a major exchange such as NASDAQ signals. It is a significant step toward institutional acceptance of BTC.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">JUST IN: <a href="https://twitter.com/EricBalchunas?ref_src=twsrc%5Etfw">@EricBalchunas</a> reports BlackRock's spot <a href="https://twitter.com/Bitcoin?ref_src=twsrc%5Etfw">@Bitcoin</a> ETF has been listed on the Depository Trust &amp; Clearing Corporation – which handles NASDAQ trades. <a href="https://twitter.com/search?q=%24IBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBTC</a> will be the ticker symbol <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/juXos0mBHv">pic.twitter.com/juXos0mBHv</a></p> 
 <p>— Bitcoin News (@BitcoinNewsCom) <a href="https://twitter.com/BitcoinNewsCom/status/1716531263278915954?ref_src=twsrc%5Etfw">October 23, 2023</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The introduction of a <a href="https://www.altcoinbuzz.io/?s=bitcoin+etf+blackrock" target="_blank" rel="noopener">Bitcoin ETF by BlackRock</a> opens up new investment opportunities for traditional investors. They may have been hesitant to enter the cryptocurrency space directly. ETFs allow investors to gain exposure to Bitcoin without owning the digital asset itself. This move has provided a sense of legitimacy and could potentially attract significant institutional capital. Further bolstering Bitcoin’s price.</p> 
<h5><strong>2. US Court of Appeals Mandates SEC to Re-review Grayscale’s Spot Bitcoin</strong></h5> 
<p>The US Court of Appeals’ decision to mandate the SEC to re-review Grayscale’s spot Bitcoin. Grayscale is a digital asset management company known for its <a href="https://www.grayscale.com/crypto-products/grayscale-bitcoin-trust" target="_blank" rel="noopener">Bitcoin Trust</a>. Offering a way for investors to gain exposure to Bitcoin through traditional financial markets.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">JUST IN: <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> US Court of Appeals mandates SEC to re-review Grayscale's spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&nbsp;ETF <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/V2n3Nf9450">pic.twitter.com/V2n3Nf9450</a></p> 
 <p>— Simply Bitcoin (@SimplyBitcoinTV) <a href="https://twitter.com/SimplyBitcoinTV/status/1716533342248603843?ref_src=twsrc%5Etfw">October 23, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The SEC’s review of Grayscale’s spot Bitcoin could have far-reaching implications for the cryptocurrency market. If approved, Grayscale’s Bitcoin Trust could attain the status of an ETF. Making it more accessible to a broader range of investors.</p> 
<p>This decision could further legitimize Bitcoin in the eyes of the US regulatory authorities. Which would boost investor confidence and likely lead to more significant investment inflows.</p> 
<h5><strong>3. Confirmation of BlackRock Stacking Bitcoin</strong></h5> 
<p>Rumors had been circulating for some time about BlackRock’s interest in Bitcoin. However, when the news broke that BlackRock was actively stacking Bitcoin, it sent shockwaves throughout the crypto community. This confirmation marks a milestone moment in the <a href="https://www.altcoinbuzz.io/?s=adoption" target="_blank" rel="noopener">adoption of cryptocurrencies</a> by large institutional players.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING: Confirmation Blackrock<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;">Stacking Bitcoin!<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/GZhfkmOAtB">https://t.co/GZhfkmOAtB</a></p> 
 <p>— InvestAnswers (@invest_answers) <a href="https://twitter.com/invest_answers/status/1716531628183552053?ref_src=twsrc%5Etfw">October 23, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>BlackRock’s entry into the market is a strong signal to other institutional investors, encouraging them to explore Bitcoin as a store of value and a hedge against inflation. The financial giant’s decision to allocate funds to Bitcoin indicates a growing belief in the long-term potential of the cryptocurrency, driving further demand and contributing to its price surge.</p> 
<h5><strong>4. Decrease in Bitcoin Supply on Exchanges</strong></h5> 
<p>Another crucial factor contributing to the 12% surge in <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener">Bitcoin’s price</a> is the significant drop in the available supply on exchanges. During the peak of the previous bull run, approximately 2.8 million BTCs were held on exchanges. However, the number has now decreased to around 2 million Bitcoin.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> supply on exchanges has dropped from 2.8M near the top of the last bull run to ~2M BTC now</p> 
 <p>When an ETF is approved, how high will price go due to the low amount of supply on the market? <a href="https://t.co/bNxAJpGPB8">pic.twitter.com/bNxAJpGPB8</a></p> 
 <p>— Velvet.Capital (@Velvet_Capital) <a href="https://twitter.com/Velvet_Capital/status/1715809118022250942?ref_src=twsrc%5Etfw">October 21, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>This reduction in supply on exchanges indicates a strong HODLing sentiment among Bitcoin holders. Many investors are choosing to hold their Bitcoin rather than actively trade or sell, anticipating long-term gains. As the available supply diminishes, the laws of supply and demand come into play. This will lead to increased scarcity and, consequently, higher prices.</p> 
<h5><strong>Implications and Future Outlook</strong></h5> 
<p>The confluence of these events has had a profound impact on Bitcoin’s price in the last 24 hours. The rally showcases the growing influence of institutional investors in the cryptocurrency market. It underscores Bitcoin’s evolution from a fringe digital asset to a recognized store of value and investment opportunity.</p> 
<p>The listing of BlackRock’s spot ETF on the NASDAQ, the SEC’s re-review of Grayscale’s spot BTC ETF, and the confirmation of BlackRock’s investment in Bitcoin signify a monumental shift in the landscape of cryptocurrency adoption. Institutional heavyweights are now embracing BTC as part of their investment portfolios, further cementing its status as a credible asset class.</p> 
<h5><strong>Conclusion</strong></h5> 
<p>The decrease in Bitcoin’s supply on exchanges reflects a long-term commitment to the digital currency. Hinting at a more mature investor base. With fewer bitcoins available for trading, the potential for price volatility increases as investors vie for this limited resource.</p> 
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<h6><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h6> 
<p>The post <a rel="nofollow" href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/bitcoin-surges-12-in-24-hours-4-key-catalysts-behind-the-rally/">Bitcoin Surges 12% in 24 Hours: 4 Key Catalysts Behind the Rally</a> appeared first on <a rel="nofollow" href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Bitcoin Surges 12% in 24 Hours: 4 Key Catalysts Behind the Rally

Altcoin Buzz

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