Bitcoin Price: Bitcoin (BTC) Hits New 2023-High at $35,000 Amid BlackRock's Move

The world’s largest cryptocurrency Bitcoin (BTC) has given a massive 12% breakout hitting its new high of $35,000 for the year 2023. With this move, Bitcoin has extended its year-to-date gains to more than 100%.

BlackRock Makes the Big Move

The recent development comes as BlackRock’s iShares Bitcoin Trust gets listed on the DTCC – Depository Trust & Clearing Corporation. Additionally, the asset management giant is also planning to seed its iShares Bitcoin ETF by the end of this month. All this indicates a step further towards the listing of the first US spot Bitcoin ETF in the coming months.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0

— Eric Balchunas (@EricBalchunas) October 23, 2023

At press time, Bitcoin is trading 12.14% up at $34,449 with a market cap of $670 billion. Just within the last 24 hours, BTC has added nearly $100 billion to its market cap.

Grayscale’s spot Bitcoin ETF

Expectations for a bitcoin exchange-traded fund (ETF) have increased following recent reports. This includes the recent development that the U.S. Securities and Exchange Commission will not challenge a court ruling that found it was unjust in denying an application from Grayscale Investments.

In a further development on Monday, October 23, the US federal court ordered the SEC to review Grayscale’s spot Bitcoin ETF application. Analysts from Bloomberg Intelligence, Elliott Stein and James Seyffart, have expressed their belief that the approval of a spot Bitcoin ETF is virtually certain, with multiple funds expected to receive approval, albeit the exact timing remains uncertain.

Speaking on the development, Justin d’Anethan, head of business development in the Asia Pacific at crypto market maker Keyrock said:

“Liquidity is somewhat better than before. Prices have now recuperated and with it a certain amount of liquidity — still nothing compared to the euphoria of 2020-2021, though.”

BTC Dodges US Equities

The recent move in BTC and the broader crypto market has been quite opposite to the one in the U.S. equity market. The volatile bond market led to Dow Jones correcting by 200 points on Monday. BTC is showing hedge-like characteristics by reversing its trajectory.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.