Bitcoin Surges Past $31,000, Achieving Its Highest Value in Over a Year to Culminate the Week

Bitcoin experienced a temporary surge above $31,000 on Friday, riding on recent gains fueled by the integration of cryptocurrencies into institutional frameworks.

According to Coin Metrics, the most prominent cryptocurrency is currently up by 2.44% at $30,879.97. It reached a peak of $31,412.72, the highest level it has seen since June 8, 2022.

“The long-term trust shown by these financial giants — including reputable names in asset management and retail investment — has significantly boosted market sentiment and investor confidence during times of uncertainty,” said Ryan Rasmussen, an analyst at Bitwise Asset Management. “This trend signifies that the days of fraudulent actors like Binance and FTX are limited, and the cryptocurrency ecosystem is maturing. It serves as a powerful catalyst for an industry that has faced challenges from scammers and critics at various times.”

Bitcoin saw a 17% increase in value over the past week. Coin Metrics calculates a week in the crypto market, which operates 24/7, from the closing time of the stock market at 4:00 p.m. ET on one Friday to the next.

Investors have been optimistic since last Thursday, when BlackRock, the world’s largest asset manager, applied for the first-ever spot bitcoin exchange-traded fund in the United States. This move paved the way for other institutions like WisdomTree, Invesco, and Valkyrie to either file for the same product or update existing filings.