Bitcoin Skyrockets Above $35,000, Hits Highest Level Since 2022 in Record Surge

Bitcoin's stunning surge past $35,000 signals a promising outlook for digital investments. Stay updated on this major crypto development.

Oct 24, 2023 - 10:30
Oct 24, 2023 - 10:32
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Bitcoin Skyrockets Above $35,000, Hits Highest Level Since 2022 in Record Surge
Bitcoin Skyrockets Above $35,000, Hits Highest Level Since 2022 in Record Surge

Bitcoin (BTC-USD) shot up beyond $35,000. This is the biggest jump in over a year. The reason? People are getting hopeful that a special type of investment fund for Bitcoin will soon be allowed.

On Monday, this big digital money went up more than 10%. That's a lot in just one day! It's the biggest increase since a year ago.

Bitcoin Price Today

This good news also lifted the prices of companies that deal with digital money. The biggest US crypto place, Coinbase (COIN), started the day 13% higher. Another company, MicroStrategy (MSTR), got 12% more valuable. The companies that mine Bitcoin, like Riot Platforms (RIOT) and Marathon Digital (MARA), also got a lot more valuable, going up more than 13% and 17%!

The reason for this big jump seems to be because people think that an important group that makes rules about money (called the Securities and Exchange Commission) is about to say it's okay for people to invest in Bitcoin in a special way. They won't need to actually own the Bitcoin themselves.

Some really big money groups, like BlackRock (BLK), want to start this special way of investing in Bitcoin.

People who really like Bitcoin also noticed that a special investment fund from BlackRock for Bitcoin was listed on a website. They also heard a rumor that BlackRock had started getting the fund ready.

This rumor made the price of Bitcoin go up last week. But when BlackRock said it wasn't true, the price went down again. People think that by January 10, the important group will make a decision about this special way of investing.

Another reason the price of Bitcoin went up and down a lot this week is because some people were making big bets on it. Over the last day, about $231 million worth of these big bets were stopped. And most of these bets were saying that the price of Bitcoin would go down.

All these big changes in the price of Bitcoin make some people in the Bitcoin community really happy. They remember how exciting it was when Bitcoin was new.

But Bitcoin has had a wild ride. A couple of years ago, it was worth a lot more than it is now. Then, because the people in charge of the money in the US started making it harder to get, the price went down a lot. Some big companies that were all about digital money had problems, too. One of them, FTX, had really big problems in November 2022. The person who started FTX, Sam Bankman-Fried, is now in a lot of trouble for doing bad things with money.

Lots of big companies dealing with digital money got in trouble, too. The big group that makes the rules, the Securities and Exchange Commission, sued some of the big players, including Coinbase (COIN) and Binance.

But things have changed since the start of this year. Bitcoin's price has more than doubled! One company, MicroStrategy, that makes software in Virginia, has the most Bitcoin of any big public company. They have 158,245 Bitcoin, which is worth about $5.4 billion right now.

The person who started the company, Michael Saylor, thinks that Bitcoin is really important. He's been saying on Twitter that Bitcoin is like a safe place for money, a kind of special power, and something for the future.

Also Read: Crypto Aid Israel raises $185,000+ for victims of attacks. Join the global community supporting this humanitarian initiative. Donate now.

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