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  • Writer's pictureSarah Dixon

Bitcoin price hits $35,000, reasons explained.

Bitcoin price hits $35,000, reasons explained.
Bitcoin price hits $35,000, reasons explained.

The price of Bitcoin has recently surpassed the $35,000 mark on several exchanges and is showing strong bullish momentum. This increase is believed to be a result of the anticipation surrounding the potential approval of the BlackRock Spot Bitcoin ETF, which many believe will trigger a bull market. Bitcoin price hits $35,000, reasons explained.

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BlackRock Spot Bitcoin ETF Listing Surfaces

The recent surge in the price of Bitcoin can be attributed to an image that has been widely shared on social media platforms like X (formerly Twitter). The image shows that the BlackRock iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker symbol IBTC.

Source: X
Source: X

Listing on the DTCC is often seen as a significant step for ETFs seeking approval from the Securities and Exchange Commission (SEC). BlackRock, the world's largest asset management company, has reportedly informed the regulator of its intention to seed its Spot Bitcoin ETF in October, indicating that it may be preparing for an October launch. Seeding an ETF involves providing initial funding, usually by a bank or broker dealer, to purchase a few creation units of bitcoin in exchange for ETF shares that can be traded in the open market on day one. It is important to note that being listed on the DTCC does not guarantee immediate approval, and some ETFs may remain on the DTCC for months or years before receiving approval to trade, while others may never launch. However, given BlackRock's influence, it is expected that the company is preparing for approval.

BTC price crosses $35,000 briefly | Source: BTCUSD on
BTC price crosses $35,000 briefly | Source: BTCUSD on

Following The Bitcoin Price Growth Trend

Bitcoin's price has been on an upward trend with some minor fluctuations. In the past 24 hours, the digital asset has seen an increase of over 14%, with other metrics such as market cap and daily trading volume following suit.

Since the rally began, Bitcoin's daily trading volume has increased by 257%, currently sitting at $44.7 billion. Additionally, Bitcoin's open interest has seen a 6.36% increase across all exchanges, bringing the total open interest to $15.05 billion.

The Bitcoin Fear & Greed Index has also reached a six-month high, indicating a very greedy 66. Investors seem more willing to invest in the digital asset, as evidenced by its rising daily trading volumes.

Although the Bitcoin price has retraced from the $35,000 level, it continues to trade just above $34,500, where the bulls have established support. Retesting the $35,000 resistance could set the Bitcoin price on a path to $40,000.

For market insights, updates, and occasional humor, follow Best Owie on X (formerly Twitter). Featured image from CryptoSlate, chart from

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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