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Uptober may have finally arrived, with the price of Bitcoin (BTC<\/a>) breaking through the $34,000 mark for the first time since May last year, marking a staggering 14% gain in the past 24 hours.\u00a0<\/p>\n The price of Bitcoin suddenly spiked upwards on Oct. 23, with BTC gaining more than 10% from $31,000 to briefly touch $34,000 before settling down to a current price of $33,349 according to data from TradingView.\u00a0<\/p>\n The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot ETF approvals and a significant increase in overall trading volumes across spot markets.\u00a0<\/p>\n Analyst Scott Johnson pointed<\/a> out that investment giant Blackrock may soon begin the process of “seeding” their spot ETF product as early as this month.\u00a0<\/p>\n Bloomberg ETF analyst Eric Balchunas wrote that seeding an ETF is when initial funding is provided in exchange for ETF shares which can be traded in the open market.\u00a0<\/p>\n Note: Seeding is typically not a lot of money just enough to get ETF going. So I wouldn’t read this as ‘omg Blackrock is buying a ton of bitcoin’ at all but more the fact they doing it and disclosing it shows another step in the process of launching.<\/p>\n \u2014 Eric Balchunas (@EricBalchunas) October 23, 2023<\/a><\/p><\/blockquote>\n Crypto market commentators and community members were left dumbfounded by the sudden move upwards. With independent journalists Autism Capital asking their 237,000 followers; “what the heck just happened?”\u00a0<\/p>\n Wait, what the heck just happened? pic.twitter.com\/JFX0pr9fFI<\/a><\/p>\n\n
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