Bitcoin, defying all odds, soars past $30,000 driven by ETF optimism and a global flight to safety, paving its way for an incredibly successful week.
Bitcoin Extends Weekly Gains, Briefly Tops $30,000 Again
Bitcoin continued its upward trend this week, briefly surpassing the $30,000 mark for the second time. This surge in value comes as investors anticipate the approval of a spot bitcoin ETF in the United States. Confidence in the greenlighting of the ETF has grown, with several firms amending their filings to address earlier concerns raised by the Securities and Exchange Commission (SEC).
The price of bitcoin is currently up over 3% at $29,719.28, with a weekly gain of 11%, marking its best performance since June 23. Ether, the second-largest cryptocurrency, also saw a 2.5% increase in value, trading at $1,609.60. It is on track for its best week since September 29, with a 4.3% gain.
Despite the benchmark 10-year U.S. Treasury yield briefly reaching 5% for the first time in 16 years, bitcoin is still benefiting from the potential approval of a spot bitcoin ETF. JPMorgan predicts that the SEC will approve an ETF in the coming months, and industry experts such as Mike Novogratz believe it could happen by the end of the year.
Bitcoin’s recent gains can also be attributed to a flight to safety among investors. Fears surrounding the Middle East conflict, concerns about the U.S. banking system, and overall market tension have contributed to the rise in bitcoin’s value. Additionally, public support from renowned investors like Larry Fink and Paul Tudor Jones has further bolstered the cryptocurrency.
In other news, altcoins have experienced an increase in value following the SEC’s decision to drop claims against two Ripple Labs executives in a lawsuit alleging violations of U.S. securities law. Ripple’s XRP token saw a 5.8% jump, while Litecoin, Solana, and Polygon also recorded gains.
Overall, the cryptocurrency market remains volatile, but bitcoin’s recent performance and the potential approval of a spot bitcoin ETF have investors optimistic about its future.