Bitcoin hits two-month high above $30,000 in volatile week

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

Bitcoin, the largest cryptocurrency by circulation, climbed as high as $30,022, its highest since July 23. It was last up 4 per cent on the day.

There was no immediate news catalyst for the move in bitcoin, 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 US 10-year yields towards 5 per cent 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 applications with the US 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.

"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.