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 last 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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and other cryptocurrencies rose on Friday as the rally sparked by institutional interest in the sector resumed.
it 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 about institutional interest in cryptocurrencies, including the launch of a new cryptocurrency exchange backed by Wall Street firms and trading apps.
(ticker: BLK) and other companies to launch exchange traded funds who would own the digital currency.
“If BlackRock or other companies are successful in this Bitcoin spot ETF effort, this may incite competition for Bitcoin spot ETFs, incentivize companies to create other cryptocurrency spot ETFs, and/or pave the way. way for other cryptocurrency productions incorporating traditional ones. financial instruments,” JP Morgan analysts wrote in a research note.
Beyond bitcoin,
— the second-largest crypto — was up 1% at $1,908. Smaller cryptocurrencies, or altcoins, such as
and
it also moved higher.
rose 1.7%.
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Write to Adam Clark at adam.clark@barrons.com
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