Bitcoin's price exploded past $30,000, marking its highest level in the past two months, defying the usual ups and downs associated with the crypto market.
In Brief
Bitcoin's price soared past $30,000, achieving its highest valuation since July, with a weekly gain of more than 10%.
In the wake of market volatility, Bitcoin has been swinging significantly as traders await valuable news regarding Bitcoin exchange-traded fund (ETF) applications from major firms like BlackRock.
On Friday, the price of Bitcoin surged beyond $30,000 for the first time since July, recording a remarkable gain of over 10% despite ongoing market turmoil. The cryptocurrency peaked at $30,022, a mark not reached since July 23.
According to Reuters The overall financial climate has been tense due to a mix of challenges, including geopolitical tensions in the Middle East, rising benchmark U.S. 10-year Treasury yields nearing 5%, and fears that high-interest rates might persist for a longer duration.
Throughout the current week, Bitcoin trading witnessed increased volatility as investors are eagerly waiting for news on the applications they've submitted to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin spot ETF, with key players like BlackRock part of the dialogue.
As per sources Currently, on X, it's noted that BlackRock is actively working alongside the SEC to progress the ETF initiative, a significant shift considering the SEC's prior silence on the matter. This collaboration is stirring market reactions, as investors are contemplating the ramifications of a Bitcoin Spot ETF.
Moreover, another source said A prominent ETF analyst at Bloomberg has shared positive predictions regarding the anticipated approval of a spot Bitcoin ETF, believing that it could be greenlit within the next three months. Investors in cryptocurrency are optimistic that such approvals could draw massive investments into the crypto sector.
On Monday, Bitcoin surged The price of Bitcoin briefly approached $30,000 but surrendered much of its gains after BlackRock refuted rumors regarding its high-profile ETF approval. These misleading reports originated from a post by Cointelegraph’s account on X and triggered a rapid $2,000 price increase, creating ripples across the market and leading to liquidations exceeding $100 million within the hour.
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