Bitcoin saw a big surge Monday, surpassing a $31,000-mark, after having a record week since June.The digital currency has experienced limited movement since the start of the year, confined to a price range between $25,000 and $30,000.As the year draws to a close and the beginning of 2024 arrives, speculators are anticipating that the ratification of an exchange-traded-fund (ETF) on the crypto could break the stagnation.
Bitcoin prices increased at the beginning of the week, building on the prior week's gains, fueled by hopefulness about a bitcoin ETF and a rush to secure investments. According to Coin Metrics numbers, bitcoin was trading up 5% at $31,384.51, coming off its biggest week since June. It temporarily rose as high as $30,000 multiple times in 2023, but has been unable to maintain that value or substantially improve as a result of the US clampdown on crypto that decreased liquidity and trading volume. Speculators are optimistic that the acceptance of a bitcoin ETF will be the turning point from the end of this year to the early half of 2024. In addition, multiple firms have revised their submissions in the last two weeks to address prior qualms of the US Securities and Exchange Commission, which investors interpret as a positive indication that the organization is being cooperative with the firms.
Last week's rampant volatility sparked a surge in trading, Matteo Greco, a research analyst at Fineqia, reported. It all began with around $100 million in liquidations resulting from a false story that the BlackRock bitcoin ETF had been approved. Eventually, the bearishness abated as the cryptocurrency shot up to $30,000, buoyed by the recent ETF filings and remarks from big names like BlackRock CEO Larry Fink and hedge fund manager Paul Tudor Jones.Greco said that when analyzing a seven-day moving average of the daily volume on centralized exchanges between Oct. 16 and Oct. 22, it was the third highest it has been in the last 60 days.
The concert proved to be a great success
The concert was a resounding success.
Bitcoin has seen remarkable appreciation so far this year, currently up 89.62%. Ether also gained Monday, trading up 4.4% at $1,708.60, while big mover Solana token was up 4%. Coinbase, a crypto services stock, rose 3.42%, and MicroStrategy, which investors sometimes regard as a bitcoin proxy, was up 8.46%. Mining stocks, which profit from bitcoin's price appreciation, also rose, with Marathon Digital and Riot Platforms climbing 12.76% and 9.02%, respectively.Don't miss these CNBC PRO stories:
For those looking to retire in five years, learn how to invest for it with the pros' advice. Morgan Stanley predicts the S&P 500 will drop to 3,900 by the end of the year, yet the highly profitable aging industry is booming. An in-demand chip stock is garnering a lot of attention from Wall Street but not Nvidia.
Comments