The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Recently, Bitcoin has staged an unheard-of and unprecedented skyrocketing performance. It has risen from the previous US$30,000 to the current US$37,489. This skyrocketing has made many investors in the currency circle happy. Some even joked: Now you don’t have to spend money on food. Money. What is the reason behind the recent surge in Bitcoin? It has also left countless novice investors scratching their heads. The main reason is that major institutions have applied for Bitcoin ETFs, as well as the upcoming Bitcoin halving event, etc., which are all the reasons for the skyrocketing Bitcoin. Next, the currency circle will be small. The editor will analyze the reasons behind this in detail.

## The reasons behind the recent surge in Bitcoin

The main reason behind Bitcoin’s surge is that institutions’ interest in Bitcoin is soaring. In mid-October, a wave of Bitcoin ETF craze hit. Grayscale, BlackRock, Fidelity and other large institutions are rushing to apply for ETFs.

Bitcoin is set to halve in 2024, and analysts are already discussing whether this will bring good news for BTC prices. If a Bitcoin ETF is approved, it could bring $600 billion in new demand to the market.

Governments' attitudes towards Bitcoin are gradually becoming more relaxed. For example, the U.S. Department of the Treasury recently released a report emphasizing the importance of cryptocurrencies in combating illegal activities and calling on all parties to strengthen cooperation to jointly maintain the stability of the digital asset market.

The above news has brought great activity to the market, investors are more interested in Bitcoin, market supply and demand have changed significantly again, and the demand for Bitcoin has greatly increased. These are the reasons behind the recent surge in Bitcoin.

## How is the recent market situation of Bitcoin?

According to the current market conditions, Bitcoin’s recent performance is very good. The current price of Bitcoin is US$37489.35, the return on investment has reached +14995739.00 times, and the market value has reached US$728.932 billion. Especially from October 23rd to October 24th, the price directly increased by nearly 4,000 US dollars.

Bitcoin’s surge has been driven primarily by market demand. With the development of the global economy and the popularity of digital payment methods, more and more people are beginning to accept and use Bitcoin.

The skyrocketing price of Bitcoin has also promoted the promotion and application of blockchain technology. As the underlying technology of Bitcoin, blockchain has the characteristics of decentralization, security and trustworthiness, and is considered to have broad application prospects.

The surge in Bitcoin has further heightened investors' awareness of risks. People are beginning to realize the uncertainty and volatility of the Bitcoin market and are paying more attention to risk management and the formulation of investment strategies. This has a positive role in promoting the stability and healthy development of the global financial market.

All the above is an analysis of the reasons behind the recent surge in Bitcoin. The surge in Bitcoin has attracted worldwide attention because it has had a certain impact on the global economy and financial markets, including challenges to monetary policy and investor risks. Increased awareness and promotion of blockchain technology. For investors and related industries, understanding the causes and impacts of Bitcoin’s surge will help to better grasp market opportunities and risks. At the same time, governments and regulatory agencies should also strengthen supervision of the Bitcoin market, protect the rights and interests of investors, and promote the healthy development of the market.