Investing.com
Published Oct 26, 2023 19:44
Bitcoin reached a near one-and-a-half-year high, surging almost 6% to $34,872 on Sunday, October 24, 2023. This increase was driven by speculation regarding Blackrock (NYSE:BLK)’s impending investment in Bitcoin for its forthcoming spot Bitcoin exchange-traded fund (ETF). The rise in Bitcoin’s value was preceded by a 10% rally in the cryptocurrency and a 4.5% uptick in Ethereum (ETH).
The crypto market has been showing signs of robust recovery throughout 2023. After facing significant challenges such as the Federal Reserve’s aggressive monetary tightening campaign, the Terra Luna crash, and FTX’s bankruptcy, Bitcoin managed to rebound to $31,000 in early July. It later stabilized around the $25,000 mark.
Investor optimism was rekindled after the SEC decided against appealing its loss to Grayscale Investments. This decision has led to heightened speculation that Blackrock will purchase Bitcoin this month as initial capital for its spot Bitcoin ETF.
The anticipated approval of a Bitcoin-backed ETF is expected to draw conservative investors into the crypto market through traditional stock markets. This could potentially stimulate new investments and boost demand.
Several companies are poised to benefit from this positive trend in the crypto market. NVIDIA Corporation (NASDAQ: NASDAQ:NVDA), a leading player in the semiconductor industry, is forecasting an earnings growth rate of 221.6%. Block Inc. (NYSE: SQ), an online digital and mobile payment platform, anticipates a growth rate of 69%. Coinbase (NASDAQ:COIN) Global Inc. (NASDAQ: COIN), a provider of financial infrastructure and technology for the global cryptocurrency economy, projects an earnings growth rate of 85.2%.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
