Bitcoin’s price jumped over 12%, exceeding $34,000 as the cryptocurrency saw its ATH broken in 2023. Ethereum also rallied, with the second-largest crypto by market cap rising 7% to over $1,800.
The double-digit percentage increase for Bitcoin comes amid a confluence of positive developments in the cryptocurrency space that have renewed investor optimism. On Monday, shares of the iShares Spot Bitcoin Trust began trading on the Depository Trust & Clearing Corporation (DTCC), marking the first Bitcoin investment vehicle to be listed on the key clearing house.
Additionally, the Securities and Exchange Commission (SEC) approved a rule change that will allow trading of the Grayscale Ethereum Futures Trust ETF. The SEC’s move was the latest sign of growing regulatory acceptance of crypto-based financial products.
Liquidations of Bitcoin shorts worth around $310 million in the last 24 hours likely added momentum to Bitcoin’s rally. The cryptocurrency surpassed key resistance levels after gaining traction above $30,000.
JUST IN: $310 million worth of #Bitcoin shorts liquidated in the past 24 hours.— Watcher.Guru (@WatcherGuru) October 24, 2023
“Bitcoin reclaiming the $30K level appears to have reopened the floodgates for more upside as shorts are forced to cover,” said Petar Jovanović, Head of Content and leading analyst at CaptainAltcoin.
Ethereum benefited from the bullish sentiment, with its 7% gain. The approval of a futures-based ETF product involving Ether will be seen as an incremental positive step for the smart contracts platform.
Tuesday’s broad-based rally in the top cryptocurrencies by market cap follows a brutal 2022 and 2023 for the asset class. While considerable risks around regulation and macroeconomic conditions remain, the latest price action suggests traders have become more comfortable re-entering digital asset markets.
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