Bitcoin
and other cryptocurrencies were rising Friday as the rally sparked by institutional interest in the sector resumed.
Bitcoin
has risen 2.8% to $30,979 over the past 24 hours. The largest cryptocurrency earlier traded above $31,000. The last time Bitcoin traded above $31,000 was on June 8, 2022, according to Dow Jones Market Data.
Buying interest in Bitcoin has been fierce this week after a flurry of news around institutional interest in cryptocurrencies, including the launch of a new crypto exchange backed by Wall Street firms and applications from
BlackRock
(ticker: BLK) and other firms to launch exchange-traded funds which would own the digital currency.
“Should BlackRock or other firms be successful in this endeavor for a spot Bitcoin ETF, this may incite competition for spot-Bitcoin ETFs, incentivize firms to create other spot-crypto ETFs, and/or pave the way for other crypto productions that incorporate traditional financial instruments,” analysts at J.P. Morgan wrote in a research note.
Beyond Bitcoin,
Ether
—the second-largest crypto—was rising 1% to $1,908. Smaller cryptos, or altcoins, such as
Cardano
and
Polygon
also moved higher.
Dogecoin
was up 1.7%.
Write to Adam Clark at adam.clark@barrons.com
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