Bitcoin went up on Friday, surpassing $30,000 for the first time since July. It gained over 10% during the week, but it’s important to note that cryptocurrency trading has been quite unstable.
Bitcoin, which is the most widely used cryptocurrency, reached as high as $30,022, the highest value since July 23. It was up 4% for the day.
There wasn’t any specific news that caused this increase in Bitcoin’s value, as per Joseph Edwards, who is the head of research at a London crypto company called Enigma Securities. Bitcoin is known for its unpredictable price changes, and its market can be challenging to understand.
The financial markets in general have been quite nervous lately. Investors have been worried about factors like the conflict in the Middle East, rising interest rates, and the possibility of interest rates remaining high for an extended period.
This week, Bitcoin’s value has been particularly unpredictable. This is because investors are waiting for updates regarding applications made to the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF) by major financial companies, including BlackRock.
If these applications are approved, it’s believed that a significant amount of money could flow into the cryptocurrency market.
“Crypto assets are defying the trend of falling stock and bond prices, as investors are focusing on upcoming events, such as the potential approval of a spot ETF by the SEC,” explained Ben Laidler, a strategist at eToro.
On Monday, Bitcoin’s value increased suddenly but then dropped most of its gains after BlackRock denied reports that its ETF application had been approved.