What Happened: The month of October seems to have ushered in a positive wave, with Bitcoin’s price smashing through the $34,000 barrier for the first time since May of the previous year. This increase reflects a staggering 14% gain within a day.

The sudden spike in Bitcoin’s price occurred on October 23, propelling BTC to rise over 10% from $31,000 to briefly touch $34,000, before settling at its current price of $34,752, based on data from CoinMarketCap. This rally triggered a wider market surge, impacting various altcoins and even meme coins.

During the past 24 hours, SHIB saw a 6.49% increase in price, while FLOKI (CRYPTO: FLOKI) rose by 5%.

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters:  The unexpected rise in Bitcoin’s price coincides with a renewed interest in the imminent approvals of spot ETFs and a significant surge in trading volumes across spot markets. This surge also aligns with the latest developments surrounding BlackRock’s proposed spot Bitcoin ETF.

Responding to Johnson’s post, senior Bloomberg ETF analyst Eric Balchunas commented on the implications of seeding an ETF, stating that it typically involves a relatively small amount of money, just enough to get the ETF off the ground. However, he acknowledged that it is a positive sign and represents “another step in the process of launching.”

Price Action: At the time of writing, DOGE was trading at $0.068, up 10.88% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock