Bitcoin Breaches $30,000 For First Time Since August: What's Driving The Surge?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Bitcoin prices managed to cross the $30,000 threshold for the first time since August 2023 amid the ETF approval optimism.
While the markets are ready to brace for the ground-breaking change to the crypto space, certain uncertainties still prevail.
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Bitcoin BTC/USD was up 4% in the past 24 hours, taking the apex cryptocurrency slightly above the $30,000 level to $30,074. The last time the price broke above the $30,000 level was in August 2023.

Earlier this week, Blackrock and Fidelity made amendments to their spot Bitcoin ETF filings. Also, Grayscale submitted an S-3 filing on similar approval pursuits.

As hope grows with the refiling and modifications for a spot Bitcoin ETF, the price has gently dipped below $30,000, standing at $29,582 at the time of writing.

Hopefully, approval will be received for Spot Bitcoin ETF by Benzinga’s Future of Digital Assets conference in New York on Nov.14. Attend and learn more about how the ETF approval will play the crypto markets. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

What Experts Say?

A Matrixport report indicates a possibility of Bitcoin surging to $56,000 in case Blackrock’s ETF receives approval. Market experts believe that while rumors of approval have already caused notable price swings in Bitcoin, the reaction to an actual approval might be even more pronounced.

Enigma Securities analyst Joe Edwards says that a potential approval could also be a “sell the news” event with Bitcoin prices soaring initially before the decline, as reported by CoinDesk

Across the crypto board, Ethereum ETH/USD prices jumped 3.3% while BNB BNB/USD is 1% higher. XRP XRP/USD token has seen a 7% surge after the SEC asked a judge to dismiss lawsuits against Ripple’s executives. Meanwhile, Solana's SOL/USD is up 10.58% in the past 24 hours.

Find out what the experts have to say on the evolving crypto space. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!