Bitcoin continued its recent rally on Friday, surpassing $31,000 in its best week since mid-March.
Bitcoin ( BTC ) soared to $31,230 in New York on Friday afternoon. The largest cryptocurrency is now up around 20 percent since June 18, its best week since March 13, when the asset rose around 26 percent after decoupling from its stablemate USDC.
Bitcoin has now hit its highest four-hour candle closing price in over a year.
Friday's price spike came after Federal Reserve Chairman Jerome Powell testified before Congress on the state of monetary policy. The central bank governor told lawmakers that there was "a long way to go" in fighting inflation, adding that rate hikes might not be completed despite a pause agreed earlier this month.
The rally comes as investors continue to bet on increased institutional adoption and the possibility of approval for a bitcoin spot ETF in the coming months, with BlackRock, Bitwise and WisdomTree having submitted applications in recent weeks.
"The big accumulation of bitcoin has begun," exchange Gemini co-founder Cameron Winklevoss tweeted this week "Anyone who follows the massive ETF filings knows that before ETFs go live and open the floodgates The window to buy pre-IPO bitcoin is closing fast."
Ether ( ETH ) likewise extended its gains on Friday, rising 3% to approach the $2,000 level. Meanwhile, stocks were in the red at the time of writing, with the S&P 500 and Nasdaq Composite down 0.5% and 0.7% respectively.
Bitcoin ( BTC ) soared to $31,230 in New York on Friday afternoon. The largest cryptocurrency is now up around 20 percent since June 18, its best week since March 13, when the asset rose around 26 percent after decoupling from its stablemate USDC.
Bitcoin has now hit its highest four-hour candle closing price in over a year.
Friday's price spike came after Federal Reserve Chairman Jerome Powell testified before Congress on the state of monetary policy. The central bank governor told lawmakers that there was "a long way to go" in fighting inflation, adding that rate hikes might not be completed despite a pause agreed earlier this month.
The rally comes as investors continue to bet on increased institutional adoption and the possibility of approval for a bitcoin spot ETF in the coming months, with BlackRock, Bitwise and WisdomTree having submitted applications in recent weeks.
"The big accumulation of bitcoin has begun," exchange Gemini co-founder Cameron Winklevoss tweeted this week "Anyone who follows the massive ETF filings knows that before ETFs go live and open the floodgates The window to buy pre-IPO bitcoin is closing fast."
Ether ( ETH ) likewise extended its gains on Friday, rising 3% to approach the $2,000 level. Meanwhile, stocks were in the red at the time of writing, with the S&P 500 and Nasdaq Composite down 0.5% and 0.7% respectively.