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Bitcoin faithful embrace $31,000 level, new high

Bitcoin and cryptos got some love this week from a few of the financial world's biggest players, giving digital assets fresh tailwinds even amid a tougher regulatory overhang.

Bitcoin blasted higher this week, topping the $31,000 level on Friday, the highest in more than a year, as fears about recent regulatory headwinds were replaced by interest from big financial players. 

"News of a new exchange backed by Fidelity and [Charles] Schwab and applications for spot Bitcoin ETFs submitted by both BlackRock and Wisdom Tree. The Bitcoin faithful have long argued that the more traditional financial names increase their exposure to digital assets the more entrenched they become and the broader their acceptance" said Jim Iuorio of TJM Institutional said on CME Active Trader. 

Along with Schwab and Fidelity, EDX Markets, the first-of-its-kind digital asset marketplace, is also backed by Citadel Securities, Sequoia Capital and Virtu Financial. It launched on June 20. 

Earlier this month, the Securities and Exchange Commission charged Coinbase for allegedly operating as an unregistered exchange and lodged similar allegations against Binance. 


Bitcoin rose for eight straight days through Friday, adding nearly 20% for the week. The crypto has advanced over 80% this year but is still down over 55% from its all-time high of $67,802, as tracked by Dow Jones Market Data Group. Bitcoin-related ETFs were also active. 

Federal Reserve Chairman Jerome Powell also gave crypto a boost when asked about his views on digital currencies and assets during his semi-annual testimony to Congress this week. 


"It appears to have some staying power" he said in a response to a question from Ohio Rep. Warren Davidson (R). Powell also voiced his support for stablecoins, also known as cryptos pegged to different assets. 

"We do see payments stablecoins as a form of money, and in all advanced economies, the ultimate source of credibility in money is the central bank. And we believe that it would be appropriate to have a quite a robust federal role and in what happens in stablecoins going forward" he noted. 

Elsewhere in the space, on Friday, the Supreme Court ruled in favor of Coinbase’s bid to pause customer lawsuits so it can pursue moving the disputes into private arbitration and out of the courts. 

"Coinbase appreciates today’s Supreme Court decision which recognizes that companies like Coinbase, as well as our customers, bear significant burdens when cases that belong in an arbitration process instead proceed in lengthy and expensive court proceedings," Katherine Minarik, vice president of litigation at Coinbase, told FOX Business in a statement. 

FOX Business' Joseph Toppe contributed to this report. 

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