Bitcoin Price Soars to $35K Amid ETF Excitement and Increased Trading Volume

According to Cointelegraph: Bitcoin (BTC) price significantly surged on Monday, momentarily reaching the $35,000 mark, fueled by escalating enthusiasm over potential developments in the Bitcoin ETF space. Breaking through this barrier for the first time since May 2022, BTC registered a considerable gain in the past 24 hours.According to TradingView data, Bitcoin began its steady incline on Oct. 23, climbing more than 10% from $31,000 to surpass $34,000. Less than two hours after breaking the $34,000 mark, Bitcoin peaked at a high of $35,300. At the time of writing, the price of Bitcoin stands at $34,550.This sudden hike in Bitcoin's price comes amidst an increasing interest in upcoming spot ETF approvals and a notable upswing in overall trading volumes across spot markets.Factors are converging to push Bitcoin's price. Among them is the buzz around BlackRock's proposed spot Bitcoin ETF. Analyst Scott Johnson hinted in an X (previously known as Twitter) post on Oct. 23 that BlackRock’s spot Bitcoin ETF approval may be imminent as the investment titan has secured a specific "CUSIP" license and could begin "seeding" their ETF product soon.Responding to the post, Eric Balchunas, a senior Bloomberg ETF analyst, recognized these developments as "another step in the process of launching", while noting that ETF seeding typically involves a modest sum just to get the ETF started.Accompanying the surge in Bitcoin's price was a significant rise in spot trading volume. According to CoinMarketCap data, spot trading volume has skyrocketed to over $35 billion in the past 24 hours, marking a 241% surge in the same period.Other cryptocurrencies also benefited from the bullish market, with Ethereum's Ether increasing by 7% and Solana soaring by 11%. Dogecoin and Cardano also experienced gains, up by 8% and 5% respectively.The sharp upward trajectory left many market commentators and community members startled, with independent journalist Autism Capital querying their 237,000 followers, "what the heck just happened?"However, the unexpected price surge appears to have emerged amidst a favorable market environment. Coinshares data points towards a positive setup, with digital asset investment products witnessing a fourth consecutive week of inflows.