Bitcoin rises above $31,000 as crypto rally resumes
Bitcoin and other cryptocurrencies rose on Friday as the rally sparked by institutional interest in the sector resumed.
Bitcoin has risen 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 on June 8, 2022, according to Dow Jones Market Data.
Purchase…
Bitcoin
and other cryptocurrencies rose on Friday as the rally sparked by institutional interest in the sector resumed.
Bitcoin
has risen 2.8% to $30,979 in the last 24 hours. The largest cryptocurrency previously traded above $31[ads1],000. The last time Bitcoin traded above $31,000 was on June 8, 2022, according to Dow Jones Market Data.
Buying interest in Bitcoin has been fierce this week following a flurry of news surrounding institutional interest in cryptocurrencies, including the launch of a new crypto exchange backed by Wall Street firms and applications from BlackRock (ticker: BLK) and other firms to launch exchange-traded funds that would own the digital currency.
“Should BlackRock or other firms succeed in this endeavor for a spot bitcoin ETF, this could encourage competition for spot bitcoin ETFs, encourage firms to create other spot crypto ETFs, and/or pave the way for other crypto productions which incorporate traditional financial instruments,” analysts at JP Morgan wrote in a research note.
Beyond Bitcoin,
Ether
-the second largest crypto commodity rose 1% to $1,908. Smaller cryptos, or altcoins, such as
Cardano
and
Polygon
also moved higher.
Dogecoin
was up 1.7 percent.
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Write to Adam Clark at adam.clark@barrons.com
