BTC
$105,376.93
-
0.03%
ETH
$2,483.89
-
1.04%
USDT
$1.0001
-
0.01%
XRP
$2.3477
-
1.03%
BNB
$644.84
-
0.37%
SOL
$166.76
+
0.57%
USDC
$0.9997
-
0.00%
DOGE
$0.2209
-
0.33%
ADA
$0.7327
-
0.56%
TRX
$0.2710
+
2.23%
SUI
$3.8690
+
2.92%
LINK
$15.55
+
0.46%
AVAX
$22.15
+
0.21%
XLM
$0.2826
+
0.20%
HYPE
$26.08
+
1.09%
SHIB
$0.0₄1436
-
0.31%
HBAR
$0.1943
+
1.59%
LEO
$8.7161
+
1.23%
BCH
$387.16
+
0.09%
TON
$3.0460
+
2.46%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Events
  • Sponsored
  • Sign In
  • Sign Up
Markets
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Bitcoin Jumps Over $30K as ETF Hope Drives Bulls

Bitcoin forks led alternative token gains in the past 24 hours, outpacing major tokens.

By Shaurya Malwa|Edited by Parikshit Mishra
Updated Oct 20, 2023, 10:48 a.m. Published Oct 20, 2023, 6:25 a.m.
Bulls fighting. (Bykofoto/Shutterstock)

Bitcoin (BTC) crossed the $30,000 mark during the morning hours on Friday, extending its weekly gains to over 11% as bullish sentiment around a possible spot bitcoin exchange-traded fund (ETF) approval in the U.S. gained momentum.

Tokens formed by the forking of Bitcoin, Bitcoin Cash (BCH) and Bitcoin SV (BSV) jumped as much as 26% to lead gains among alternative tokens in a sign of possible irrational exuberance.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval.

Earlier this week, four House Financial Services Committee members urged the SEC to listen to the courts and give up efforts to block bitcoin ETFs from regulatory approval in a letter to SEC Chair Gary Gensler.

Elsewhere, hopes of the Grayscale Bitcoin Trust (GBTC) being converted into an ETF riled up some traders. GBTC is one of the largest institutional bitcoin holdings, and Grayscale is among several other asset managers who have applied for a bitcoin spot ETF. Other major firms in the race include BlackRock (BLK), Fidelity and WisdomTree (WT).

Meanwhile, traders said a ruling in Grayscale’s favor could tilt overall sentiment bullish and even set the bedrock for a broader market climb.

“Bitcoin has also been encouraged by possible ETF approval and an increasing number of ETF submissions by leading companies,” shared Lucy Hu, senior trader at Metalpha, in a message early Friday. “The SEC opted for a no-appeal on Grayscale’s ruling, and as the deadline for BTC spot ETF applications from institutions such as Blackrock looms closer, the market’s confidence in ETF approval has increased.”

“(With the) bitcoin ETF approval and halving event in April, the crypto market could kickstart a very robust bull market,” Hu added.

UPDATE (Oct. 20, 10:47 UTC): Updates headline and story with price jump.

BitcoinMarketsTrading
Shaurya Malwa

Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.

Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.

He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.

X icon
Shaurya Malwa
Latest Crypto News
Bitcoin (BTC) price on May 19 (CoinDesk)

Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside

21 hours ago

JPMorgan Chase CEO Jamie Dimon (Photo by Kevin Dietsch/Getty Images)

JPMorgan To Allow Clients To Buy Bitcoin, Says Jamie Dimon

22 hours ago

Consensus 2025: Paul Brody, Josh Stark

Bitcoin Is the Asset, Ethereum Is the Platform

23 hours ago

(CJ/Unsplash)

XRP Futures Start Trading on CME

23 hours ago

DOGE-USD 24-hour chart shows 4.91% drop, ending at $0.2221 on May 19, 2025

Dogecoin Finds Support After Sharp Drop as Bulls Regain Momentum

May 19, 2025

Russia, Moscow Ruslan Gibadullin / Unsplash

Binance's Former Russia Head, Blum Co-Founder Arrested in Connection to Fraud Case

May 19, 2025

Top Stories
hack keys

WazirX Creditors Back Restructuring Plan to Payback $230M Hack Victims

Apr 8, 2025

(Ryan Quintal/Unsplash, Modified by CoinDesk)

Ripple, BCG Project $18.9T Tokenized Asset Market by 2033

Apr 7, 2025

MicroStrategy's Michael Saylor (CoinDesk)

Strategy Didn't Add Bitcoin Last Week, Expects to Book $6B Loss on Holdings in Q1

Apr 7, 2025

Galaxy founder Mike Novogratz (Shutterstock)

Galaxy Digital Gets SEC Nod for U.S. Listing, Eyes Nasdaq Debut in May

Apr 7, 2025

President Donald Trump (Shutterstock)

The All-Important U.S. 10-Year Yield Is Moving in the Wrong Direction for Trump

Apr 8, 2025

The Cboe Global Markets Inc. building in Chicago (Scott Olson/Getty Images)

Cboe Set to Debut New Bitcoin Futures With FTSE Russell

Apr 8, 2025

Only 1 article remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Events
        Back to menu
        Events
        • Consensus 2025
        • Consensus 2025 Coverage
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk