Bitcoin breaks above $31,000 as crypto rally resumes

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Bitcoin and other cryptocurrencies rose on Friday as the rally sparked by institutional interest in the sector resumed.

Bitcoin is up 2.8% to $30,979 in the past 24 hours. The largest cryptocurrency previously traded above $31,000. The last time Bitcoin traded above $31,000 was June 8, 2022, according to Dow Jones Market Data.

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Bitcoin and other cryptocurrencies rose on Friday as the rally sparked by institutional interest in the sector resumed.

Bitcoin is up 2.8% to $30,979 in the past 24 hours. The largest cryptocurrency previously traded above $31,000. The last time Bitcoin traded above $31,000 was June 8, 2022, according to Dow Jones Market Data.

Buying interest in Bitcoin has been fierce this week after a flurry of news regarding institutional interest in cryptocurrencies, including the launch of a new crypto exchange backed by Wall Street firms and crypto apps. BlackRock (ticker: BLK) and other companies to initiate exchange trading of funds that would own the digital currency.

If BlackRock or other companies are successful in this endeavor for a spot Bitcoin ETF, it could spur competition for spot Bitcoin ETFs, incentivize companies to create other spot crypto ETFs, and/or pave the way for more crypto spot ETFs. other crypto productions that incorporate traditional financial operations. instruments, JP Morgan analysts wrote in a research note.

Beyond Bitcoin, Ether, the second largest crypto, rose 1% to $1,908. Smaller cryptos, or altcoins, such as Cardano and Polygon also rose. Dogecoin rose 1.7%.

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Write to Adam Clark at [email protected]

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