The cryptocurrency market is buzzing with excitement following the recent approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). While many anticipate that this development will significantly boost Bitcoin’s price, analysts are expressing concerns about its ability to permanently dispel the frosty climate that has gripped the market.
On October 24, Bitcoin experienced an unprecedented surge, marking its most substantial single-day rally in over a year. The cryptocurrency catapulted by over 14% in response to the news that BlackRock’s spot Bitcoin ETF, known as IBTC, had secured a listing on the Depository Trust & Clearing Corporation (DTCC) website. This was widely interpreted as a positive step toward the ETF’s approval.
As a result of this exciting development, Bitcoin’s price soared to above $35,000 on October 24, offering a glimmer of hope to investors in the crypto space.
