Bitcoin surged almost 5% on Friday to record a fresh annual high and one of its best weeks in 2023, driven by speculation that proposed exchange-traded funds (ETFs) could lead to new demand avenues for the largest digital asset.
BlackRock Inc. filed an unexpected application with the United States Securities and Exchange Commission (SEC) last week, among a wave of US applications to establish ETFs investing in spot Bitcoin. Media reports also pointed to the launch of the digital-asset exchange EDX Markets as proof that established financial entities envisage a promising future for the market.
Bitcoin jumped 4.45% to $31,187 at 11:59 am ET, reaching its highest level since late June 2022.