Bitcoin surges above $31,000 to end the week, hitting its highest level in over a year

A visual representation of Bitcoin.

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Bitcoin broke above $31,000 on Friday, building on recent gains fueled by institutions’ commitment to integrate crypto into their businesses.

The top cryptocurrency was last up 3.5% at $31,182, according to Coin Metrics. At one point, it peaked at $31,412.72, its highest since June 8, 2022.

“The long-term conviction of these financial giants – which include some of the most trusted names in wealth management and individual investors – has boosted investor sentiment and confidence when both were relatively low,” said Ryan Rasmussen, analyst at Bitwise Asset Management. “It’s a sign that the days are numbered for bad actors like Binance and FTX and that the crypto ecosystem is maturing. This is a powerful catalyst for the industry, which has been plagued by scammers and critics at various times.”

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Bitcoin (BTC) is rallying this week

Bitcoin is up 17% weekly. Coin Metrics measures a week in cryptocurrencies traded 24 hours a day, starting Friday to Friday at 4:00 p.m. ET.

Investors have been optimistic since last Thursday when BlackRock, the world’s largest money manager, filed an application for the first spot Bitcoin exchange-traded fund in the United States. This opened the floodgates for other institutions, including WisdomTree, Invesco and Valkyrie, to apply for the same product or update existing filings.

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