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Bitcoin reaches its greatest point in one year.

On Friday, Bitcoin reached its highest price in about a year.

On Friday, the price of one bitcoin surpassed $31,400, a new record high since 2022. For the first time since April, when the failures of Silicon Valley Bank and Signature Bank sent investors scrambling for safe havens, the value of bitcoin, the largest cryptocurrency by market capitalization, soared above $30,000.

In 2018, bitcoin has gained almost 87% in value. The recent upswing follows a flood of interest in cryptocurrency among major financial institutions. According to a filing with the US Securities and Exchange Commission made last week, BlackRock has requested to launch a bitcoin spot exchange-traded fund. This week also saw the launch of digital asset trading platform EDX Markets, which is supported by companies including Charles Schwab, Fidelity Digital Assets, and Citadel.

But the rising enthusiasm for cryptocurrency exists in the context of regulatory crackdowns. The SEC filed a lawsuit against Coinbase, the largest cryptocurrency exchange in the United States, earlier this month, accusing it of functioning as an unregistered broker. Just the day before, federal regulators had filed a lawsuit against Binance, claiming the exchange was operating illegally in the US and commingling user funds.

Bitcoin has had a significant increase this year, but it is still far lower than its all-time high of almost $60,000 in 2021. Last year, the cryptocurrency industry was ravaged by the Federal Reserve’s rapid increase in interest rates and the bankruptcy of the cryptocurrency exchange FTX.

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