Bitcoin’s Meteoric Rise to $35K, Crypto Stocks’ Bullish 2023, and California Crypto ATM Regulations

Written by BTSE

October 24, 2023

Bitcoin’s Meteoric Rise to $35K, Crypto Stocks’ Bullish 2023, and California Crypto ATM Regulations

As the day gets started today in Asia, traders found the U.S. Bitcoin ETF applications’ positive advancements catalyzed a surge in Bitcoin (BTC) prices, which hit $35K overnight. Ethereum (ETH) mirrored this bullish trend, registering an 8.51% rise over the past 24 hours and currently priced at 1.8K. The broader cryptocurrency market also enjoyed positive gains, with Ripple (XRP) increasing by 8.51%, Solana (SOL) climbing 7.11%, and Dogecoin (DOGE) appreciating by 9.5%.


What to Watch Out for Today


Bitcoin Soars Past $35,000 Amid ETF Optimism: Bitcoin’s price surged past multiple key levels, reaching a high of $35,000 in just a short span on Monday. This upward trajectory hasn’t been witnessed since May 2022, prior to some major setbacks in the industry. Behind the positive sentiment? The potential launch of bitcoin ETFs. While Grayscale’s attempt to transition its product into an ETF was previously rejected by the SEC, recent events have heightened the odds of approval. Not to be left behind, BlackRock, the world’s largest asset manager, has shown increasing interest in crypto, with CEO Larry Fink comparing its potential as a haven asset to U.S. Treasuries and gold. Their ETF application is currently with the SEC and they’re demonstrating confidence in its approval. With all these developments, will Bitcoin continue its bullish trend?


Crypto Stocks Outperform Bitcoin Over a Bullish 2023: In 2023, Bitcoin experienced an impressive 87% growth, reaching $31,000. However, crypto-related public stocks surpassed this performance. Grayscale Bitcoin Trust (GBTC) shares soared by 196%, with the company looking to convert its fund into a spot Bitcoin ETF. MicroStrategy’s stock, which many view as a Bitcoin proxy, surged 161%, holding Bitcoin assets worth $4.8 billion. Meanwhile, Coinbase’s shares jumped 135%, especially after resisting a U.S. government lawsuit and getting BlackRock’s endorsement. In contrast, both Block (formerly Square) and PayPal saw their stock values decline despite their Bitcoin endeavors. Could Bitcoin follow the trend set by some crypto stocks?


California Moves to Curb Crypto ATM Withdrawal Limits: California’s legislature has introduced a bill that seeks to limit crypto ATM withdrawals to $1,000 daily. If passed, it would take effect from Jan 1, 2024. This move comes after legislators found excessively high limits on cash withdrawals on crypto assets at Bitcoin ATMs, with some having withdrawal limits as high as $50,000. With over 3,200 Bitcoin ATMs in the state, the aim is to mitigate scams and protect individuals from fraudulent transactions, which have been particularly prevalent due to the anonymity of cash transactions. Could reduced withdrawal limits lead to reduced crypto activity in California?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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