
Bitcoin hit a new peak of $37,800, as per Coin Metrics' report, rising to a level unseen since May 2022. Ether, on the other hand, is trading 1.8% higher at $2,104.14, surpassing the important psychological level of $2,000.
Cryptocurrency prices have rebounded from their drop earlier this week, with Bitcoin reaching a fresh high for 2023 on Friday. At the time of writing, Bitcoin was up 1.42% to $37,862.76; this is its biggest gain since May 2022. As measured by Coin Metrics, it is on track to close the week with a rise of 3.9%. Since cryptocurrency can be traded 24/7, Coin Metrics measures each week from Friday at 4:00 p.m. ET to Friday at the same time the following week. Furthermore, Ether is now trading over the psychological level of $2,000, rising 1.8% to $2,104.14. As the second-biggest token by market cap, it has bested the performance of the broader cryptocurrency market this week, and is projected to end with a gain of more than 8%. Solana, despite having risen more than 476% over the last year, lags behind the major tokens this week, hovering just below the flat line.
Investors are taking into account Changpeng "CZ" Zhao's agreement to plead guilty to criminal charges brought by the U.S. Department of Justice, ending his tenure at the world's largest exchange, Binance. This comes not long after the conviction of FTX founder Sam Bankman-Fried amid a still-ongoing recovery from the FTX collapse in 2022. Many view Binance's settlement as a means to move the crypto industry onward, while some even believe it may open the path to a bitcoin ETF approval, which could be a major driver of the cryptocurrency's price. Ideation is also centered around the minutes from the Federal Reserve meeting, which showed officials as having a low inclination to cut interest rates at present.
As Coinbase — a competitor of Binance — hits a high of $116.94 for the first time since May 2022, the crypto equities are also reacting. Bitcoin proxies, such as Microstrategy, have risen by 2.4%, and bitcoin miners, notably Iris Energy and CleanSpark, have increased by 12% and 14.8%, respectively.
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