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Bitcoin Hit a New Yearly High, Surpassing $38,000 On Friday.

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Bitcoin Hit a New Yearly High, Surpassing $38,000 On Friday.

(CTN News) – Bitcoin reached a new peak for 2023 on Friday, as crypto prices rebounded from a significant decline earlier in the week.

According to Coin Metrics, Bitcoin is currently up by 1.42% at $37,862.76, marking its first time reaching this level since May 2022.

Coin Metrics measures a week in the crypto market from 4:00 p.m. ET on a given Friday to the same time the following Friday, and Bitcoin is expected to end the week with a 3.9% increase.

Ether has surpassed $2,000 and is trading at $2,104.14, up 1.8%. It is projected to increase by over 8% this week, outperforming the rest of the crypto market.

Solana, which has outperformed Bitcoin by 476% this year, is lagging behind major tokens and hovering just below the flat line.

Earlier this week, Changpeng Zhao agreed to plead guilty to federal charges brought by the US Department of Justice as investors digested the end of his reign at Binance, the world’s largest exchange.

The news comes less than a month after FTX founder Sam Bankman-Fried was convicted in a federal trial on fraud and conspiracy charges. Although Binance constitutes the largest pool of liquidity for cryptocurrency trading, many see the exchange’s liquidation as a necessary development for a cryptocurrency industry still recovering from the FTX collapse of 2022.

Some say that once the investigation into Binance is resolved, it could pave the way for approval. In the Bitcoin ETF, which many investors believe will be the biggest catalyst to propel Bitcoin to new highs.

Traders are also weighing the minutes of the Federal Reserve’s latest meeting, which was also released on the same day of Binance trading, as showing that officials have little interest in cutting interest rates in the near future. Binance’s main competitor Coinbase also hit a high of $116.9 for the first time since May 2022. It last rose 5. % to $115.1 .

Among other cryptocurrency stocks, shares of Bitcoin subsidiary Microstrategy rose 2. %. The number of Bitcoin miners has also increased. The biggest gains were from Iris Energy and CleanSpark. , 12% and 1.8%, respectively.

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