Bitcoin's price rose in Friday’s morning U.S. session, reaching a one-year high above $31,000.
Bitcoin Reached a One-Year High
Bitcoin's price rose in Friday’s morning U.S. session, reaching a one-year high above $31,000. According to data from CoinMarketCap, the largest cryptocurrency by market capitalization reached a high of $31,389.54 before retracing below. BTC gained more than 15.48% over the past seven days.
The surge came after BlackRock submitted an application for a spot Bitcoin ETF and Invesco and WisdomTree refiled their submissions. Investors who had been alarmed by the Securities and Exchange Commission (SEC) lawsuits against cryptocurrency exchanges are seemingly more reassured thanks to these moves by major traditional finance (TradFi) organizations.
The ETF filings indicate the ongoing commitment of large institutional investors to the digital asset space and have raised expectations of an institutionally driven price rally. Other major cryptocurrencies, including Ethereum (ETH), Bitcoin Cash (BCH), Pepe (PEPE) also experienced an upswing, gaining 10%, 83% and 69% respectively over the last week.
Cryptocurrencies continue to decouple from equity markets. Investors’ apprehension over interest rate hikes and the potential for a global recession, saw equities experiencing their first losing week in more than a month. The US Federal Reserve and other central banks have recently shifted more dovish, however the Bank of England increased its rate by 50 basis points in an effort to contain inflation. The Fed has repeated its intention to resume raising rates, which could have a detrimental effect on digital assets.
