The cryptocurrency community is celebrating, and with good reason. Bitcoin embarked on an impressive bull run, reaching a historic milestone for the year by touching the $35,000 mark, a level that had not been seen in almost 16 months.
This impressive increase started at the beginning of the weekwith an astonishing increase d23% in the last seven days.
This surprising rally catapulted the cryptocurrency from $28,000 to an impressive $35,227. It is noteworthy that on October 23 marked a particularly memorable day, as Bitcoin experienced a sudden surge, jumping from $31,000 to over $34,000 in less than two hours. After breaking the $34,000 barrier, it reached an astonishing high of $35,300.
Today, Bitcoin is trading around $34,494, reflecting a substantial 12% increase in the last 24 hours. Additionally, Bitcoin trading volume skyrocketed by 216% in the same period, reaching $46 billion.
Bitcoin: the reasons for its bullish momentum
Furthermore, a feeling of optimism has gripped the crypto community amid expectations that the United States is on the verge of approving Bitcoin exchange-traded funds (ETFs). This optimism has been reinforced by a recent court decision in favor of Grayscale, raising the likelihood that the largest Bitcoin trust fund, the GBTC product, will become an ETF. This is the reason for the current bullish trend.
It is also worth mentioning that BlackRock has taken an important step in its application for an ETF listing of Bitcoin, as its proposed product now has a unique identification number on the Depository Trust & Clearing Corp website. Although this does not guarantee approval, many interpret it as a sign of the company’s confidence in obtaining approval.
Amid this fervor for cryptocurrencies, short Bitcoin positions have been liquidated in the last 24 hours by a value of 310 million dollars, which has further boosted bullish sentiment. Additionally, MicroStrategy CEO Michael Saylor’s Bitcoin investment has grown to an unrealized profit of 745 million dollars.
Mexican billionaire Ricardo Salinas has expressed his vision of Bitcoin as a means of protection against inflationsince the cryptocurrency cannot be devalued. “People are having their savings taken away without their permission, without their knowledge,” Salinas emphasized, adding that weakening the currency is a common strategy in the hands of fraudsters to avoid increasing taxes or debt.
In a recently published interview with Bitcoin Magazine, the president of Grupo Salinas spoke about the potential impact of Bitcoin on the economy, particularly in Latin America: “En all over the world, not just in Mexico or Latin America, what we are seeing is this growing inflation taxwhich means that people’s savings are being taken away from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement.”
“Therefore, the importance of Bitcoin lies in its resistance to taxes and many other things, but specifically in hyperinflationary economies, of which we have several in Latin America,” added the Mexican billionaire. “So Bitcoin is a way to protect against that because it can’t be devalued.” This testimony underscores the growing relevance of Bitcoin as a safe haven in an increasingly uncertain economic world..
Source: Ambito
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