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Bitcoin Surpasses $38,000, Reaching a New High for the Year on Friday

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Bitcoin Surpasses $38,000, Reaching a New High for the Year on Friday

Crypto prices have rebounded following a significant dip earlier in the week, with bitcoin achieving a new peak for the year on Friday. According to Coin Metrics, bitcoin registered a 1.42% increase, reaching $37,862.76, a level not seen since May 2022. The cryptocurrency is poised to conclude the week with a 3.9% gain. Coin Metrics adopts a weekly measurement for the crypto market, considering trading activities round the clock, starting from 4:00 p.m. ET on a given Friday and concluding at the same time the following Friday.

In the meantime, ether has reclaimed the crucial psychological threshold of $2,000, currently trading 1.8% higher at $2,104.14. As the second-largest token by market capitalization, it is exhibiting stronger performance than the overall crypto market this week and is expected to conclude with a gain exceeding 8%. On the other hand, Solana, which has been a standout performer for the year, boasting a remarkable 476% increase compared to bitcoin’s 130%, has lagged behind major tokens this week. It is hovering just below the flat line for the week.

Investors are processing the conclusion of Changpeng “CZ” Zhao’s leadership tenure at Binance, the world’s largest exchange. Earlier this week, he agreed to plead guilty to federal criminal charges filed by the U.S. Department of Justice. This development occurred within a month of FTX founder Sam Bankman-Fried being convicted in a federal fraud and conspiracy trial.

As the primary liquidity pool for crypto trading, Binance’s resolution is viewed by many as an essential step for the crypto industry, particularly as it continues to recover from FTX’s collapse in 2022. The conclusion of the Binance investigation is seen as potentially paving the way for progress. Some suggest that it might even facilitate the approval of a bitcoin ETF, a development eagerly anticipated by many investors and anticipated to serve as a significant catalyst propelling bitcoin to new highs.

Traders are taking into consideration the recently released minutes from the latest Federal Reserve meeting, coinciding with the announcement of the Binance settlement. The minutes revealed that officials expressed minimal inclination to reduce interest rates in the near future. Meanwhile, Coinbase, a significant competitor to Binance, reached a peak of $116.94 for the first time since May 2022. Its current trading level reflects a 5.4% increase at $115.14.

In other areas of the cryptocurrency equities landscape, MicroStrategy, a proxy for bitcoin, experienced a 2.4% increase. Bitcoin miners also saw significant upward movement, with Iris Energy and CleanSpark leading the gains at 12% and 14.8%, respectively.

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