Tuesday, February 20, 2024
HomecryptoBitcoin Surges Above $30,000 for First Time Since July Amidst Volatile Cryptocurrency...

Bitcoin Surges Above $30,000 for First Time Since July Amidst Volatile Cryptocurrency Trading

Published on

Interview with an Anonymous Billionaire’s Son: Navigating Wealth and Responsibility

'ABS' is pictured above, with the promised anonymity on face and location. FinanceNews.co.uk (FN): Today, Mel Kern has a unique opportunity to speak with an...

Bitcoin Surges Above $30,000 for the First Time Since July

Bitcoin, the world’s largest cryptocurrency by circulation, experienced a significant surge on Friday, surpassing the $30,000 mark for the first time since July. This comes amid a backdrop of volatile trading across the cryptocurrency market.

Reaching as high as $30,022, its highest level since July 23, Bitcoin saw a 4% increase in value by the end of the day. Joseph Edwards, the head of research at London-based crypto firm Enigma Securities, noted that there was no immediate news catalyst for this jump in Bitcoin’s price. The cryptocurrency is well-known for its volatility and the opaqueness of its markets.

The broader financial markets have also been exhibiting signs of nervousness recently. Investor sentiment has been affected by geopolitical tensions in the Middle East, a rise in benchmark U.S. 10-year yields nearing 5%, and concerns about the potential for higher interest rates for an extended period.

Bitcoin markets have been particularly skittish this week as investors eagerly await news regarding the fate of applications with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF). Major financial firms, including BlackRock, have submitted these applications. Crypto investors believe that the approval of such applications could bring a fresh wave of capital into the asset class.

“Crypto assets are increasingly defying the sell-off witnessed across stocks and bonds as investors focus on upcoming catalysts, such as a potential SEC approval of a spot ETF,” commented Ben Laidler, a strategist at eToro.

However, the surge in Bitcoin’s value was short-lived as it gave up most of its gains after asset manager BlackRock denied a crypto media report suggesting that its high-profile ETF application had been approved.

Bitcoin’s recent climb above $30,000 highlights the ongoing volatility and uncertainty within the cryptocurrency market. Investors continue to closely watch developments in the sector, particularly with regards to potential regulatory decisions and institutional adoption.

More detail via Yahoo Sports here… ( Image via Yahoo Sports )

Latest...

Britain’s Long-Term Illness Problem Worsens, Adding to Economic Concerns

Rising long-term sickness threatens UK economic recovery prospects By Reuters

U.k. urged to support local tech hubs for nationwide digital growth, says report

4 Ways to Boost Digital Transformation Across the UK

U.k. inflation remains steady at 4% in January, below expectations

UK inflation holds steady at 4%, lower than expected

Brexit Analysis Shows UK Economy Lagging Behind Other Advanced Nations

Brexit Britain has 'significantly underperformed' other advanced economies, Goldman Sachs says

More like this

Britain’s Long-Term Illness Problem Worsens, Adding to Economic Concerns

Rising long-term sickness threatens UK economic recovery prospects By Reuters

U.k. urged to support local tech hubs for nationwide digital growth, says report

4 Ways to Boost Digital Transformation Across the UK

U.k. inflation remains steady at 4% in January, below expectations

UK inflation holds steady at 4%, lower than expected