Bitcoin Breakthrough: The Market-wide Rally!

1ATH.Studio
3 min readOct 27, 2023

From Bitcoin’s breakout to soaring altcoins, join us in retracing the steps of this week’s unforgettable crypto crescendo.

Bitcoin Hits 16 Month High Amidst ETF Rally

Over the week, Bitcoin soared by 24%, reclaiming the $35k milestone last seen in May 2022. Major cryptocurrencies, including Ethereum, XRP, Solana, Cardano, and Dogecoin also experienced substantial double-digit gains, riding the positive momentum.

BlackRock’s Spot Bitcoin ETF Appears on DTCC Website With Ticker IBTC

BlackRock’s highly anticipated spot bitcoin ETF, the iShares Bitcoin Trust, appeared on a list maintained by the Depository Trust and Clearing Corporation (DTCC), over the week. The DTCC provides post-trade clearance, settlement, custody, and information services.

While the ETF is still pending approval from the U.S. Securities and Exchange Commission (SEC), the DTCC has listed the BlackRock fund with the ticker “IBTC.”

Binance Founder Loses $12 Billion on Crypto Trading Slump

After Bloomberg’s Billionaires Index reduced Binance’s revenue estimate by 38%, CZ’s net worth plunged by $11.9 billion to $17.2 billion, exacerbated by decreased Binance trading volumes and his ties to Sam Bankman-Fried’s case.

Despite its early-year peak of a 62% market share, Binance faced a shift to 51% by Q3 and ongoing regulatory challenges.

Bitcoin Surges to All-Time Highs in Turkey and Nigeria

Bitcoin (BTC) has reached record high prices in Turkey and Nigeria due to declining local currencies and economic instability, even though it’s 50% below its peak in U.S. dollar value.

Currently, bitcoin is trading at 964K lira (TRY) and 27.4 million naira (NGN), marking a monthly increase of 30% in local currency terms.

Market Optimism Surges as Crypto Fear & Greed Index Hits “Greed”

Crypto market sentiment escalates, mirroring vibes from when Bitcoin reached $69,000 in November 2021.

The Crypto Fear & Greed Index now stands at 70/100, marking its position in the “greed” tier. This is a significant upswing from its 50-point “neutral” rating on October 18 and a six-point rise since October 24.

Crypto Proponent Tom Emmer Drops Bid for US House Speaker

On Tuesday, Crypto friendly Representative Tom Emmer withdrew from the U.S. House Speaker race despite securing the Republican nomination due to insufficient party support.

Emmer, recognized in the crypto sector, has highlighted concerns about financial privacy with CBDCs and underscored the non-partisan approach to digital asset regulation.

CFTC Commissioner Declares the Crypto Market Ready for a Spot Bitcoin ETF

CFTC Commissioner Summer K. Mersinger shared her thoughts on bitcoin’s recent 17-month peak, hinting at strong market anticipation for upcoming spot bitcoin ETF approvals. While speaking, Mersinger emphasized the market’s readiness for such products.

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