Bitcoin jumped above $30,000 on Friday for the first time since July, building on a 10% gain over the past week against a backdrop of volatile trading in the cryptocurrency.
Bitcoin, the largest cryptocurrency by circulation, climbed to $30,022, its highest level since July 23. It was up 4% that day.
There was no immediate news catalyst for the move in bitcoin, said Joseph Edwards, head of research at London crypto firm Enigma Securities. Bitcoin is known for its volatility and ambiguity of the markets.
The mood in broader financial markets has also been nervous recently. Investor sentiment has been weighed down by the war in the Middle East, a rise in benchmark US 10-year yields to 5% and concerns about the possibility of interest rates remaining very high for longer.
Bitcoin markets have been particularly disappointing this week, as investors await news of the fate of applications with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF) by major financial firms, including BlackRock. .
Crypto investors have said that the approval of any such applications could bring a new wave of capital into the asset class.
“Crypto assets are bullish on the selloff seen in stocks and bonds as investors focus on upcoming catalysts, such as potential SEC approval of a spot ETF,” said Ben Laidler, strategist at eToro.
Bitcoin surged suddenly on Monday, before it lost almost all of its gains after asset manager BlackRock denied a crypto media report that its high-profile ETF application had been approved.
