Bitcoin reaches its highest level in a year and could exceed $32,000

The bitcoin price reached its highest level in a year on Friday, after several days of rises, driven in particular by the interest of large Wall Street groups

Recent announcements about financial product projects backed by this cryptocurrency boosted the price of bitcoin in recent sessions.

Its price shot up more than 4% on Friday to $31,410.93, its highest level since June 2022. When the best-known of cryptocurrencies was born in October 2009, it was trading at $0.00076.

Since then it has experienced strong volatility, reaching almost $69,000 in November 2021, but also falling sharply in 2022.

The cryptocurrency market as a whole currently has an approximate value of 1.235 trillion dollars, of which almost 50% corresponds to bitcoin, according to the CoinGecko website, which has carried out an eovlution of almost 1,000 cryptocurrencies.

“The cryptocurrency market continues to vibrate at the idea of ​​a financial product linked to bitcoin in the United States”, which would allow investors to bet on the virtual currency as a regulated financial product, considers Edward Moya, an analyst at Oanda.

The world’s largest asset manager, BlackRock, filed a request to that effect with US market watchdog the SEC in mid-June.

Given this rise, the American financial advisory company Bloomberg explained that “this is a notable advance and a show of resistance for a market that many had considered extinct after a series of high-profile scams and company failures that left the sector behind.” sullied among investors.

Given BlackRock’s interest in investing in bitcoin, in a DonAlt video posted on his YouTube channel, he stated that since they now have a catalyst (BlackRock), he believes that said cryptocurrency can be above $32,000.

That move reassured investors as cryptocurrency reporting recently focused on SEC warnings against trading platforms, dedicated to buying and selling crypto assets.

Source: Diario El Salvador