Bitcoin Surges to $34,700, Highest Level Since LUNA - UST Crash
As of the morning of October 24, 2023, the world's largest cryptocurrency, Bitcoin, has surged to a price not seen since early May 2022.
Bitcoin (BTC) unexpectedly saw a rapid spike of nearly 10%, rising from $31,600 to $34,741 within just one hour.
This marks the highest price level for the world's leading cryptocurrency since early May 2022, around the time of the LUNA - UST crash.
BTC/USDT 4-hour chart on Binance as of 07:30 AM on October 24, 2023.
Bitcoin is experiencing an "Uptober" dream month with an increase of over 17%. It began the month at just under $27,000.
Bitcoin price movements throughout the year. Image: Coinglass (October 24, 2023)
The surge may be attributed to market enthusiasm surrounding recent Bitcoin spot ETF waves. Despite continuous postponements by the U.S. Securities and Exchange Commission (SEC), the backing of major Wall Street players and SEC's recent legal setbacks have led many analysts and investors to believe that the approval of Bitcoin spot ETFs is only a matter of time.
On the morning of October 24, the ticker symbol for BlackRock's Bitcoin spot ETF fund was added to the website of DTCC, a leading U.S. securities clearing and settlement firm, further fueling speculation that SEC approval of BlackRock's proposal is imminent.
Recent data shows a peak in Google searches for "Bitcoin spot ETF," indicating significant public interest.
Proposed crypto ETFs currently under SEC review. Image: Bloomberg
In addition to Bitcoin, other major altcoins have only just begun to rise and have not yet shown significant upward momentum compared to BTC.
BTC Dominance during this morning's surge reached 54.26%, the highest level since April 2021.
Bitcoin Dominance index (BTC.D), screenshot from TradingView on the morning of October 24, 2023.
In the past 4 hours, over $195 million worth of derivative orders were liquidated in the cryptocurrency market, with 83.26% being short orders. Short Bitcoin positions accounted for the majority, with $125 million liquidated.
Long-short liquidation data in the crypto market as of 07:30 AM on October 24, 2023. Image: Coinglass
