The world’s largest cryptocurrency rose above $35.5K on Wednesday, hitting its highest level since May 2022. At the time of writing, Bitcoin has surged nearly 4% over the past 24 hours and is trading around $35.7K.
Bitcoin jumped 28% in October, its biggest monthly gain since January, on growing expectations that the SEC may soon approve exchange-traded funds that invest directly in the cryptocurrency after more than a decade of deliberation. BTC rose more than 11% early last week as traders speculated that a BlackRock spot ETF could be approved.
“$35,000 has been the key level in the last 10 trading sessions,” said Teong Hng, chief executive officer at crypto investment firm Satori Research.
Not only BTC, the crypto market in general has also seen significant growth in recent days. The world’s second largest cryptocurrency, Ethereum (ETH), has traded around $1,800, up more than 3% over the past 24 hours. Meanwhile, Cardano, Polygon, and Polkadot tokens all surged over 6%. Solana (SOL), a competitor to ETH, even rallied 16% to a 14-month high on Nov 1 and is trading at $1,874 now.
The CoinDesk Market Index (CMI), a broad-based index designed to measure the market capitalization weighted performance of the digital asset market, has increased 2% in the past 24 hours. The crypto market’s surge was driven mainly by positive news, including the Fed keeping interest rates unchanged at 2.25-2.5%.
The US stock market also increased sharply after this news. The 10-year Treasury yield dropped by 20bps to 4.73%, down from nearly 5% earlier this week, making the possibility of another rate hike lower, also helping investors feel more secure when returning to risky assets.