Bitcoin reaches 2-month high, surges above $30,000 in volatile week: Report

Cryptocurrency Bitcoin on 20 October surged above $30,000 for the first time since July, taking gains for the week past 10 percent, against a backdrop of volatile trading across cryptocurrencies, reported news agency Reuters.

The largest cryptocurrency by circulation, jumped as high as $30,022, its highest since July 23. It was last up 4 percent on the day. Bloomberg reported that Bitcoin rose as much as 5.2 percent to $30,223 as of 7:30 a.m. in New York, taking it back to price levels last seen in August.

Enigma Securities’ head of research Joseph Edwards on Friday said there was no immediate news catalyst for the move in bitcoin. As per details, Bitcoin is known for its volatility and the opacity of its markets.

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The mood across the broader financial markets has also been slightly uncertain. The war in the Middle East, a rise in benchmark U.S. 10-year yields towards 5%, and concern about the prospect of interest rates staying a lot higher for a lot longer have rattled investor sentiment.

This week, Bitcoin markets have been especially skittish, with investors awaiting 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.

The approval of any such applications, crypto investors have said, could usher in a new wave of capital 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,” eToro strategist Ben Laidler said.

On Monday, Bitcoin rose suddenly after asset manager BlackRock denied a crypto media report that its high-profile ETF application had been approved.

With agency inputs.

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Updated: 20 Oct 2023, 10:24 PM IST

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