Latest News

Cryptocurrencies head for a winning week, bitcoin tops $30,000 on ETF optimism and flight to safety

0
Dado Ruvic | Reuters

Bitcoin

The price of the flagship cryptocurrency was recently up more than 2% on Friday at $29,547.17, according to Coin Metrics. It’s on pace for a 10% weekly gain, its best since June 23 when it added 17%. Earlier, it climbed as high as $30,193.87. Ether

The gains come even as the benchmark 10-year U.S. Treasury yieldGalaxy Digital has an ETF application with the SEC in partnership with Invescoit could happen as soon as the end of the year.

Bitcoin has hit the $30,000 mark Friday for the second time this week

Several firms have also amended their filings in the past couple weeks to address earlier concerns by the SEC, which investors are taking as a positive sign that the agency is engaging with the firms.

Throughout the week, bitcoin has also been driven by a flight to safety.

“Fears of an escalation in the Middle East conflict, nervousness about the U.S. banking system and overall market tension are pushing bitcoin and gold higher,” said Noelle Acheson, economist and author of the “Crypto is Macro Now” newsletter. “Plus, the public support for this narrative from renowned investors such as Larry Fink and Paul Tudor Jones doesn’t hurt.”

In the rest of the market, altcoins climbed after the SEC Thursday night dropped claims against two Ripple Labs executives – CEO Brad Garlinghouse and co-founder Chris Larsen – in its lawsuit alleging the company violated U.S. securities law.

“Many are – mistakenly, perhaps – taking the SEC’s dismissal of its case against [them] as a sign that the regulatory heat will ease,” Acheson said. “This is unlikely to be the case, unfortunately, as by canceling the trial scheduled for next April, the SEC can now appeal the original ruling. I don’t know for sure that it will do this, but in theory it can.”

Ripple’s XRPLitecoinSolanaPolygon

Don’t miss these CNBC PRO stories:

This bank just hiked its 1-year CD rate to a fresh highA low-cost way to protect against an S&P 500 drawdown as risks escalateHow to invest $1 million for the next decade, according to private bankers and wealth advisorsThis highly profitable industry is booming as the population agesBank of America sees risks for employers as insurance coverage of weight loss drugs grows

Fed’s Raphael Bostic doesn’t foresee rate cuts coming until ‘late 2024’

Previous article

Sam Bankman-Fried, FTX allies secretly poured $50 million into ‘dark money’ groups, evidence shows

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News