Bitcoin's price rose in Friday’s morning U.S. session, reaching a one-year high above $31,000. According to data from CoinMarketCap, the largest cryptocurrency by market capitalization reached a high of $31,389.54 before retracing below. BTC gained more than 15.48% over the past seven days.

The surge came after BlackRock submitted an application for a spot Bitcoin ETF and Invesco and WisdomTree refiled their submissions. Investors who had been alarmed by the Securities and Exchange Commission (SEC) lawsuits against cryptocurrency exchanges are seemingly more reassured thanks to these moves by major traditional finance (TradFi) organizations.

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