Share this article
Bitcoin Jumps Over $30K as ETF Hope Drives Bulls
Bitcoin forks led alternative token gains in the past 24 hours, outpacing major tokens.
Updated Oct 20, 2023, 10:48 a.m. Published Oct 20, 2023, 6:25 a.m.
Make us preferred on Google
Bitcoin 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, and 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
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.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Filecoin declines as crypto markets retreat
FIL has support at the $1.52 level and resistance in the $1.59-$1.60 zone.
What to know:
- FIL slipped 3.6% to $1.54.
- The CoinDesk 20 index was 3.6% lower at publication time.
Top Stories
