May 23, 2024

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Bitcoin surged above $31,000 as Crypto Rally resumes

Bitcoin surged above $31,000 as Crypto Rally resumes

Bitcoin and other cryptocurrencies rose on Friday as a rally triggered by institutional interest in the sector resumed.

Bitcoin rose 2.8% to $30,979 over the past 24 hours. The largest cryptocurrency was earlier trading above $31,000. The last time bitcoin traded above $31,000 was on June 8, 2022, according to Dow Jones market data.

Buying…

bitcoin

Other cryptocurrencies rose on Friday as a rally sparked by institutional interest in the sector resumed.

bitcoin

It rose 2.8% to $30,979 over the past 24 hours. The largest cryptocurrency was earlier trading above $31,000. The last time bitcoin traded above $31,000 was on June 8, 2022, according to Dow Jones market data.

Interest in buying bitcoin has been fierce this week after a flurry of news about institutional interest in the cryptocurrency, including the launch of a new crypto exchange backed by Wall Street firms and apps from BlackRock (stock ticker: BLK) and other companies to launch exchange trading. The money that will own the digital currency.

“If BlackRock or other companies are successful in this quest for a Bitcoin ETF on the spot, it could stoke competition for Bitcoin spot ETFs, spur companies to create other spot crypto ETFs, and/or pave the way for other crypto products that include the tools. Finance,” analysts at JP Morgan wrote in a research note.

beyond bitcoin,


ether

– the second largest cryptocurrency – up 1% to $1,908. Smaller cryptocurrencies or altcoins, such as


Cardano

And


ribbed

It also moved higher.


Dogecoin

It increased by 1.7%.

Write to Adam Clark at [email protected]