Bitcoin Surpasses $30,000 for the Second Time in a Week
Today, the price of Bitcoin briefly exceeded $30,000 once again, marking the second time this week. Following this trend, other cryptocurrencies also demonstrated positive dynamics. Analysts attribute these movements to the anticipated approval of a Bitcoin Exchange-Traded Fund (ETF), instability in the US banking system, and a range of other factors.
Over the past 24 hours, Bitcoin increased by 4.03%, reaching $29,632, according to CoinDesk. At its peak, its price briefly crossed the $30,000 mark. Bitcoin’s weekly growth could reach 10%, the best performance since June 23 when it was at 17%. Ethereum, the second-largest cryptocurrency, increased by 2.5% to $1,607.53 in the last 24 hours, with a weekly growth of 4.3%. Notably, for the first time in 16 years, the basic yield on 10-year US Treasury bonds briefly exceeded 5%. Previously, this factor would have negatively affected the Bitcoin price, but not now, as the US Securities and Exchange Commission (SEC) is expected to approve a cryptocurrency-related Exchange-Traded Fund (ETF), possibly by the end of the year.
Today, Bitcoin’s growth was also driven by the complex situation in the Middle East, investor uncertainty about the stability of the US banking system, and overall market tension. Along with the leading digital asset, gold is also appreciating. Following Bitcoin, other cryptocurrencies have shown positive dynamics, including XRP Ripple (+5.8%), Litecoin (+3%), Solana (+7%), and Polygon (+4%).
The last time Bitcoin crossed the $30,000 threshold was on Monday when a rumor about the approval of a spot ETF from BlackRock circulated on the internet.
- I'm Vasyl Kolomiiets, a seasoned tech journalist regularly contributing to global publications. Having a profound background in information technologies, I seamlessly blended my technical expertise with my passion for writing, venturing into technology journalism. I've covered a wide range of topics including cutting-edge developments and their impacts on society, contributing to leading tech platforms.
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