(CTN News) – Against a backdrop of volatile trading across a range of cryptocurrencies, the price of bitcoin rose beyond $30,000 for the first time since July on Friday, carrying gains for the week of more than 10%.
In the middle of the day, bitcoin, the largest cryptocurrency by circulation, rose to $30,022, its highest price since July 23. At the end of the day, it was up 4% on the day as a whole.
A major news catalyst for the move in bitcoin was not immediately apparent, according to Joseph Edwards, head of research at the London crypto firm Enigma Securities, who was a witness to the move.
It is widely known that Bitcoin has a high level of volatility and the market is extremely opaque.
It has also been a nervy time on the broader financial markets in recent days. In recent months, investor sentiment has been rattled by war in the Middle East, a rise in 10-year yields in the US towards 5%, and concerns over the prospect of interest rates staying high for a very long time to come.
As investors await news on the fate of major financial firms including BlackRock’s submission of an application to the US Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF), bitcoin markets have been particularly skittish this week.
According to some cryptocurrency investors, the approval of any such application may usher in a new wave of capital to the asset class if it is approved.
eToro strategist Ben Laidler said that cryptocurrency assets are increasingly bucking the trend seen across stocks and bonds, as investors focus on the coming catalysts, such as the possibility of the SEC approving a spot ETF in the near future.
An asset manager denied a report by the crypto media that its highly-profile ETF application had been approved, causing bitcoin prices to spike on Monday, before giving up nearly all of their gains.