Bitcoin Soars Above $30,000, Marking New High Since July
Bitcoin, the largest cryptocurrency by circulation, surged above $30,000 on Friday for the first time since July. The digital currency’s gains for the week surpassed 10%, amidst a backdrop of volatile trading across the cryptocurrency market.
At its peak, Bitcoin reached $30,022, its highest value since July 23. As of now, it remains up 4% for the day. Despite this significant jump, there doesn’t appear to be a specific catalyst for the surge, according to Joseph Edwards, the head of research at London-based crypto firm Enigma Securities. Bitcoin has always been known for its volatility and the opaqueness of its markets.
The overall mood in the financial markets has been tense recently. Investor sentiment has been rattled by the ongoing war in the Middle East, a rise in the benchmark U.S. 10-year yields towards 5%, and concerns about the possibility of high interest rates lingering for an extended period of time.
Bitcoin markets have been particularly jittery this week as investors eagerly anticipate news regarding the applications for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Major financial firms, including BlackRock, have submitted these applications. The approval of these applications could potentially bring a fresh wave of capital into the cryptocurrency market.
According to eToro strategist Ben Laidler, crypto assets are defying the recent sell-off seen in stocks and bonds, as investors focus on upcoming catalysts, such as the potential SEC approval of a spot ETF.
Earlier this week, Bitcoin experienced a sudden rise in value, only to surrender almost all of its gains after asset manager BlackRock denied a media report claiming that its highly-anticipated ETF application had been approved.
The surge in Bitcoin’s value reflects the ongoing interest and speculation surrounding cryptocurrencies. As the market continues to evolve, investors remain attentive to any developments that could impact the future of this digital asset.
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More detail via Yahoo News here… ( Image via Yahoo News )