Investors are rapidly gaining interest in the leading cryptocurrency, Bitcoin, as its price has risen over the past few days. This resurgence is evident as more people around the globe are searching for “buy Bitcoin” on the internet search engine Google.
According to Google Trends, an analytics platform that tracks search queries on Google, users searched for “buy Bitcoin” on Google the most on October 24th, a day after BTC crossed the $30,000 price mark.
BTC Trades at $34k
For most of this year, BTC struggled below the $30,000 price tag. However, the digital asset began seeing uptrends on October 23rd.
Within a 24-hour window, BTC rose from $29,000 to nearly $35,000, representing over a 30% increase. Stretching off its performance from the start of the year to date, Bitcoin has soared by a whopping 106%, securing its position as the second-largest gainer in the year-to-date (YTD) timeframe behind Solana’s SOL.
At the time of writing, BTC traded at $34,100.
Source: CoinStats
Why Is BTC Going Up?
Bitcoin’s impressive performance springs from some recent events that have occurred around its ecosystem. Prominent among them is the expected approval for the trading of spot Bitcoin exchange-traded fund (ETF).
Investment firms like Grayscale, BlackRock, WisdomTree, and others, have filed for the application of a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). If approved, these financial companies will be able to offer a Bitcoin-backed investment vehicle to American retail and institutional investors.
The American regulatory watchdog has continuously turned down these applications. However, the SEC has recently refrained from blocking these applications, especially after a federal court backed Grayscale’s request for the financial product.
A recent event that has fueled BTC’s price increase is BlackRock’s iShares Bitcoin Trust, which was listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker – IBTC. Although the move does not imply that BlackRock’s spot Bitcoin ETF application has been approved, it does give investors hope that a green light from the financial agency is underway.
