The notable increase in bitcoin in one day and its causes

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image by MichaelWuensch

The price of Bitcoin in the last day has had a notable upward trend, this with the support of investors who have shown great optimism and has caused Bitcoin to shoot up to 35,000 USD, a price that it did not reach in recent years. 17 months, since the panic that FTX sowed in the market last year

This Monday, October 23, the price of Bitcoin had a rebound that went from 31,000 USD to more than 34,000 USD, which represents approximately 10%, and surpassed 35,000 USD on the same day and shortly after it had a small recoil.

Now the total capitalization of the Bitcoin cryptocurrency market exceeds 51%, in January of this year it was around 38%.

Possible reasons for this sudden increase are:

1. The rumor that the US Securities and Exchange Commission is going to approve a cash exchange-traded fund.
2. The legal battle between the SEC and the digital asset company Grayscale that ended this Monday.
3. Blackrock's application for a Bitcoin ETF.
4. The weakening of the dollar due to speculation around the Federal Reserve, although to a lesser extent.
5. The impending Bitcoin halvin is also a notable bullish factor.*