Bitcoin price rose to $31,000; Determines the best week in three months

bitcoin It topped $31,000 on Friday, building on recent gains fueled by a commitment from institutions to integrate cryptocurrency into their businesses.

The largest cryptocurrency rose to $31,412.72, at one time of the day, according to data from Coin Metrics. At noon (Mexico City time), bitcoin rose 3.46% to $30,956, its highest price since June 7, 2022, according to data from Investing.com.

for the weekly close, Cryptocurrency Captures 17.81% Gainwhich is the highest level since last March 12.

The long-term indictment of these financial giants, which include some of the most trusted names in asset management and retail investing, has boosted investor sentiment and confidence when both were relatively low.

Ryan Rasmussen, an analyst at Bitwise Asset Management, told CNBC.

He added that the above is a sign that the days are numbered for bad actors such as Binance, FTX, and such The crypto ecosystem is maturing.

Investors have been bullish since last Thursday when BlackRock, the world’s largest asset manager, filed for an acquisition. The first bitcoin exchange traded fund in the United States.

This has opened doors for other organizations, including WisdomTree, Invesco and Valkyrie, to offer the same product or update existing offerings.

Also read: These are the 10 most expensive cryptocurrencies in the world during the month of May

The cryptocurrency market is still being moderated

While the cryptocurrency market received a renewed buzz about the price hike, The industry still faces strict regulatory oversightany did not dissipate.

The Securities and Exchange Commission (SEC) has set its sights on the crypto space after several fraud cases in the past year and fallout from companies that once boasted.

Among them was present FTX and other lenders More than that, leading to an exodus of retail investors in particular, who have collectively lost billions of dollars in the wake of the revelations and implosion.

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With information from CNBC and Bloomberg