Bitcoin up 17% in a week as institutional interest in the ‎cryptocurrency increases

Bitcoin posted significant gains this week, rising by nearly 17% in its best weekly performance since March 17th.

The largest cryptocurrency by market value ended the week’s trading at $30,864.6, according to Coin Metrics data.

Bitcoin had jumped to levels of $31,412 on Friday, the highest level since June 8, 2022.

According to the gains recorded this week, Bitcoin has risen by about 85% since the beginning of this year

On the other hand, the US stock market incurred significant losses throughout the week, as the Nasdaq index fell by 1.4%, recording the worst weekly performance since March.

For his part, Yuya Hasegawa, a crypto market analyst at the Japanese digital currency exchange, Bitbank, said in statements reported by CNBC that, in light of the tightening regulatory scrutiny by the US Securities and Exchange Commission, Bitcoin rose to the highest levels of $ 30,000, as a number of Traditional finance players BlackRock and applied to launch a spot bitcoin exchange (exchange-traded fund) in America this week.