Against the tumultuous trading across cryptocurrencies, Bitcoin surged above $30,000 on Friday for the first time since July, bringing weekly gains beyond 10%.
Bitcoin, the most popular cryptocurrency, reached a high of $30,022, an all-time high not seen since July 23. It ended the day up 4%.
According to Joseph Edwards, head of research at London crypto company Enigma Securities, there was no obvious new reason for the increase in Bitcoin. Bitcoin is notorious for its price swings and the anonymity of its trading marketplaces.
Overall, the financial markets have been in a state of nervous tension. War in the Middle East, a jump in benchmark 10-year U.S. yields towards 5%, and worries about interest rates lasting much higher for much longer have all shaken investor confidence.
As investors await the outcome of applications filed with the U.S. Securities and Exchange Commission (SEC) for a spot bitcoin exchange-traded fund (ETF), bitcoin markets have been particularly volatile this week.
Crypto investors have speculated that the clearance of such applications might attract fresh funds to the asset class.
“Crypto assets are increasingly bucking the sell-off seen across stocks and bonds as investors focus on the coming catalysts, like a potential SEC approval of a spot ETF,” said Ben Laidler, an eToro strategist.
Asset manager BlackRock rejected a crypto media story that its high-profile ETF application has been granted, causing a sharp increase in Bitcoin’s price on Monday.