2023-06-23 12:52:09 ET
Bitcoin ( BTC-USD ) jumped to a one-year high, touching as high as $31.4K, in Friday trading, bucking the risk-off sentiment in the major U.S. stock averages.
Year to date, bitcoin ( BTC-USD ), the world's biggest crypto by market cap, has climbed 86%, but, it's still less than half its all-time high of almost $69K reached in November 2021.
The enthusiasm for bitcoin ( BTC-USD ) specifically, and crypto, in general, gained momentum when BlackRock ( BLK ) filed for a bitcoin ETF last week.
Earlier this week, the launch of EDX Markets , backed by some Wall Street giants, brought more oomph.
Sumit Handa, managing director at Pennington Partners, a family office, also noted that the Federal Reserve's move last week to keep its policy rate unchanged also helped. "With a pause in rate increases, yield will come down, more money will enter the system and risk assets will go up — especially crypto and emerging markets."
Other cryptocurrencies are also gaining. Ethereum ( ETH-USD ) rose 1.2% to $1.91K, litecoin ( LTC-USD ) +3.7% , polkadot ( DOT-USD ) +4.4% , cardano ( ADA-USD ) +2.5% .
Crypto-exposed stocks rising the most include: Bit Digital ( BTBT ) +8.7%, Marathon Digital ( MARA ) +7.3%, Bitfarms ( BITF ) +4.5%, Hut 8 ( HUT ) +4.3%, Coinbase ( COIN ) +5.0%, Riot Platforms ( RIOT ) +4.5%.
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Bitcoin rises to one-year high, shrugging off stock market blues