Bitcoin extended its weekly gains, briefly surpassing $30,000 as optimism about the approval of a spot Bitcoin ETF grew, alongside concerns both in the U.S. and globally. The flagship cryptocurrency recently rose by 3.4% to $29,709.69 on Friday, on track for an 11% weekly gain, its best since June 23. Ether also saw a 3% increase to $1,616.17 on the day and a 4.3% gain for the week, marking its strongest performance since September 29.
Despite the benchmark 10-year U.S. Treasury yield briefly exceeding 5% for the first time in 16 years, Bitcoin continued to thrive due to growing hopes for the approval of a spot Bitcoin ETF in the U.S. Several firms adjusted their filings in response to SEC concerns, indicating positive engagement with the agency. Additionally, Bitcoin benefited from a flight to safety amid concerns about the Middle East conflict, the U.S. banking system, and market tensions, with notable support from renowned investors like Larry Fink and Paul Tudor Jones.
In the broader market, altcoins experienced gains following the SEC’s decision to drop claims against Ripple Labs executives Brad Garlinghouse and Chris Larsen, in their lawsuit alleging U.S. securities law violations. Ripple’s XRP surged by 5.8%, while Litecoin, Solana, and Polygon saw increases of more than 3%, 7%, and 4%, respectively, putting them on course for a positive week.
(Source: CoinDesk | CoinTelegraph | CNBC)
