Bitcoin’s Soaring Rally: Hits $35,000 on ETF Optimism

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Bitcoin has once again taken center stage as it reached a significant milestone, surging past $35,000 for the first time since May 2022. This impressive rally is primarily driven by the heightened anticipation of exchange-traded funds (ETFs) entering the Bitcoin market. In this article, we delve into the reasons behind this surge, the key players in the ETF race, and the implications for the broader cryptocurrency landscape.

Bitcoin’s Spectacular Rally:

Bitcoin, the largest digital asset, recorded an astonishing 11.5% increase, pushing its price beyond the $35,000 mark. This surge signifies a remarkable comeback from the tumultuous period in 2022 when digital assets faced a significant downturn. Year-to-date, Bitcoin has rebounded by an impressive 109%.

The primary driving force behind this surge is the growing optimism surrounding the approval of the first US spot Bitcoin ETFs. Major asset management firms like BlackRock Inc. and Fidelity Investments are actively vying to introduce such products to the market. Supporters of digital assets argue that ETFs could play a pivotal role in expanding the adoption of cryptocurrencies, bringing them further into the mainstream.

Legal Victories and Speculation:

In a significant development, a US federal appeals court recently handed a victory to Grayscale Investments LLC in its pursuit of creating a spot Bitcoin ETF, despite opposition from the US Securities and Exchange Commission (SEC). The SEC, while cautious about ETFs directly investing in Bitcoin due to concerns about fraud and market manipulation, is facing mounting pressure.

This court ruling, combined with applications from heavyweight investment firms, has fueled speculation that the SEC may reconsider its stance. It is worth noting that the SEC has already permitted ETFs that hold Bitcoin and Ether futures, but a spot Bitcoin ETF approval would mark a substantial milestone.

ETF Ticker and Market Indicators:

Notably, the iShares Bitcoin Trust, operated by BlackRock, has made a significant move. It has been listed on the Depository Trust and Clearing Corp. (DTCC) with the ticker IBTC. Although this doesn’t signify full approval, it’s a crucial step on the path to launching an ETF. Similar occurrences have often foreshadowed imminent ETF launches.

Bitcoin’s rally isn’t isolated; it has also affected other cryptocurrencies. Ether, the second-largest token, experienced a 7% surge, surpassing $1,800, riding on Bitcoin’s coattails. Smaller coins like BNB, XRP, and the meme-favorite Dogecoin also witnessed gains.

SEC’s Ongoing Scrutiny:

The SEC has been closely monitoring the cryptocurrency space, especially after the market turbulence in the previous year and the controversies surrounding platforms like the FTX exchange. This exchange’s co-founder, Sam Bankman-Fried, is currently facing trial for alleged fraud. These incidents have prompted a more stringent approach from the regulatory body.

Bloomberg Intelligence analysts have expressed optimism about the eventual approval of a spot Bitcoin ETF, although the exact timing remains uncertain. They believe that multiple funds are likely to receive the green light, marking a significant turning point for the cryptocurrency market.


Bitcoin’s resurgence above $35,000 is not only a testament to its resilience but also a reflection of the growing influence of ETFs in the cryptocurrency domain. While challenges and uncertainties remain, the cryptocurrency world is on the brink of a pivotal transformation. Investors, both institutional and retail, eagerly await the SEC’s decision, which could shape the future of Bitcoin and other digital assets in the financial mainstream.


1. What is a spot Bitcoin ETF?
A spot Bitcoin ETF is an exchange-traded fund that directly invests in physical Bitcoin, allowing investors to gain exposure to the cryptocurrency’s price movements without owning the underlying asset.

2. Why is the SEC cautious about Bitcoin ETFs?
The SEC has expressed concerns about the potential for fraud and market manipulation in the underlying Bitcoin market, which has led to their cautious approach to approving ETFs directly investing in Bitcoin.

3. How have other cryptocurrencies performed in response to Bitcoin’s rally?
Other cryptocurrencies, including Ether, BNB, XRP, and Dogecoin, have seen gains in response to Bitcoin’s recent surge, indicating a broader positive sentiment in the cryptocurrency market.

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