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Bitcoin Hits $30,000 in Volatile Week

Bitcoin jumped above $30,000 for the first time since July on Friday, taking gains for the week past 10%, against a backdrop of volatile trading across cryptocurrencies.

The move came as investors awaited 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.

However, there was no immediate news catalyst for the move in bitcoin on Friday, said Joseph Edwards, head of research at London crypto firm Enigma Securities. Bitcoin is known for its volatility and the opacity of its markets.

The mood across the broader financial markets has also been nervy lately. Investor sentiment has been rattled by 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.

Bitcoin markets have been especially skittish this week, as investors await news of the fate of the SEC ETF applications.

"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.

Bitcoin rose suddenly on Monday, before giving up nearly all its gains, after asset manager BlackRock denied a crypto media report that its high-profile ETF application has been approved.

Despite the lack of immediate news, the move above $30,000 is seen as a positive sign for bitcoin bulls. It is the highest level for the cryptocurrency since July 23, when it was trading at around $30,600.

The move above $30,000 is also significant because it could trigger a breakout to even higher levels. Bitcoin has been trading in a range between $25,000 and $30,000 for the past few months. If it can break out above $30,000, it could pave the way for a move towards $35,000 or even $40,000.

However, it is important to note that bitcoin is a volatile asset and its price can move sharply in either direction. Investors should always do their own research before investing in any cryptocurrency.

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