Bitcoin Jumps Over $30,000, Reaching 2-Month High in a Bumpy Week

Bitcoin hits 2-month high, surpassing $30,000 amid market volatility. Explore the impact of Middle East tensions and SEC considerations on cryptocurrency

Oct 20, 2023 - 10:06
Oct 20, 2023 - 10:06
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Bitcoin Jumps Over $30,000, Reaching 2-Month High in a Bumpy Week
Bitcoin Jumps Over $30,000, Reaching 2-Month High in a Bumpy Week

On October 20, Bitcoin went higher than $30,000. This is the highest it has been since July 23. It went up by 4% in just one day. Another news company called Bloomberg said it went even higher, reaching $30,223 by 7:30 in the morning in New York. This takes it back to prices we last saw in August.

Joseph Edwards, who is a big expert in this field, said that there was no big news that caused Bitcoin to go up. Bitcoin is known for going up and down a lot and for being not very clear about how it works.

Other parts of the money world are also a bit uncertain right now. There's a lot of worry about things like a big fight in the Middle East, and the amount of money that the U.S. government has to pay if they borrow money for ten years is going up to almost 5%. This is making people who invest money feel a bit unsure.

This week, people who are interested in Bitcoin have been watching very closely. They want to hear about what the U.S. government says about a special way of trading Bitcoin, kind of like how you can trade regular stocks. They're waiting to hear if it's going to be allowed, and big companies like BlackRock are asking for permission to do this.

People who really like Bitcoin think that if the U.S. government allows this special way of trading, a lot of money will start to go into Bitcoin.

Someone named Ben Laidler, who knows a lot about this, said, "Even when other things like regular stocks and bonds are not doing very well, digital money like Bitcoin can still go up. People are looking forward to hearing if the U.S. government will allow a special way of trading it."

On one Monday, the price of Bitcoin suddenly went up after a big money company called BlackRock said that some news about it was not true. They said that they didn't get permission to trade Bitcoin in the special way people were talking about.

Also Read: Bitcoin Faces First Quarterly Decline in 2023: A Shift in Crypto Trends

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