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Bitcoin Prices Pass $36k

Plus500 | Thursday 09 November 2023

Over the past 24 hours, Bitcoin (BTCUSD), one of the most popular Cryptocurrencies in the world, soared past $36,000. 

This rise comes against the backdrop of various economic hurdles such as rising inflation, and higher interest rates all of which can stunt Cryptocurrencies’ growth. 

In addition, both 2022 and 2023 have been challenging years for the Crypto market as it was under increased regulatory scrutiny following the collapses of major Cryptocurrency exchanges such as FTX and BlockFi among other major Crypto companies. 

So what exactly is pushing Bitcoin upward and how is this Cryptocurrency persevering in the face of the above-mentioned hurdles? Here’s what you need to know:

Bitcoin price charts

Bitcoin’s 2023 Performance 

To get a better understanding of Bitcoin’s latest moves, it may be helpful to get an overview of its progress from the beginning of 2023 up till now. This may especially be of importance because this year is drawing nearer to its end. 

Interestingly, despite this year’s overall economic woes and worries that have sent ripples across the various markets including Bitcoin which had a volatile year as well, it seems that the latter was able to gain 120.3% since the start of 2023. 

Bitcoin price chart from January 2023 up until November 9th 2023

Among the variety of factors that may have contributed to this growth such as an improved outlook on the US economy, it seems that Bitcoin ETFs are one of the main drivers. 

This is because many investors seem to be growing eagerly positive about the prospect of Bitcoin ETFs getting approved by the Securities and Exchange Commission (SEC). (Source: Bloomberg)

According to sources, the SEC is in talks with Grayscale Investments concerning the details of the company's proposal to convert its trust product GBTC into a spot bitcoin ETF which can affect the Cryptocurrency market. 

As such, many Crypto investors may be growing more positive about this prospect as they wait for the SEC to finalize its approval. This is important because if Crypto ETFs come to fruition, then that could facilitate the entry of ordinary investors into the Crypto realm. But what are ETFs exactly?

What Are ETFs?

An Exchange-Trded Fund (ETF) is a form of investment vehicle classified as an exchange-traded product (it can be bought and sold on stock exchanges). ETFs allow you to trade various financial instruments, including stocks, bonds, currencies, futures contracts, and potentially commodities like gold bars.

As such, if Bitcoin ETFs become available, then it can facilitate the trading process as Bitcoin would become available on traditional stock exchanges which means that traders wouldn't have to deal with “less-regulated and sometimes sketchy crypto platforms.”

What’s Next for Bitcoin?

While the future is yet to be seen, some of the potential aspects that could drive Bitcoin’s prices in the months to come include the upcoming Bitcoin Halving event which is projected to take place in April 2024. 

A Bitcoin Halving is a substantial Crypto event that takes place approximately every four years and has happened only three times since Bitcoin’s inception. 

Historically speaking, following Bitcoin’s halvings Bitcoin’s price appreciated against the US dollar as it became rarer and its production was cut in half. You can read more about the upcoming Bitcoin Halving event in our article on “Bitcoin Halving 2024: All you need to know.”

Nonetheless, it is important to keep in mind the fact that past performance does not reflect future results, that the markets are unpredictable and volatile, and that other factors can always affect this Cryptocurrency’s trajectory. Therefore, only time will tell if history can repeat itself or not. 


In conclusion, a key catalyst behind Bitcoin’s latest price spike appears to be the influence of the possibility of Bitcoin ETFs, which have played a pivotal role in propelling Bitcoin's value upward. 

As the cryptocurrency landscape continues to evolve, the intersection of traditional financial instruments, such as ETFs, with the dynamic world of digital currencies may be reshaping the market in unexpected ways. 

Still, traders and analysts alike may want to keep tabs on any important economic changes and events to see if Bitcoin could maintain this growth in the months to come. 

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This information is written by Plus500 Ltd. The information is provided for general purposes only, and does not take into account any personal circumstances or objectives. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. No representation or warranty is given as to the accuracy or completeness of this information. It does not constitute financial, investment or other advice on which you can rely. Any references to past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance. Plus500 will not be held responsible for any use that may be made of this information and for any consequences that may result from such use. Hence, any person acting based on this information does so at their own discretion. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research.

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