Bitcoin rises to new high for the year Friday above $38,000
Yuichiro Chino | Moment | Getty Images
Crypto prices have recovered from a big dip earlier in the week, with bitcoin hitting a new high for 2023 on Friday.
Bitcoin touched a high of $38,015.16 on Friday morning, according to CoinMetrics, its highest level in more than a year. It was last up by about 1% at $37,709.50, and it’s on pace to end the week higher by 3.5%.
Meanwhile, ether has moved back above the key psychological level of $2,000, last trading nearly 2% higher at $2,101.78. The second largest token by market cap is outperforming the crypto market this week, on pace to end up more than 8%.
Solana, the big outperformer on the year – up more than 470% compared to bitcoin’s 130% – trailed the major tokens this week. It’s roughly flat on the week.
Bitcoin topped $38,000 to hit a fresh high for 2023.
Investors are digesting the end of Changpeng “CZ” Zhao’s reign at the largest exchange in the world, Binance, after he agreed earlier this week to plead guilty to federal criminal charges brought by the U.S. Department of Justice. The news came less than a month after FTX founder Sam Bankman-Fried was found guilty in a federal fraud and conspiracy trial.
While Binance serves as the most significant liquidity pool for crypto trading, many see the exchange’s settlement as a necessary development to allow the crypto industry – still recovering from FTX’s 2022 collapse – to move forward. With the Binance investigation resolved, some say it may even clear the path for a bitcoin ETF approval, which many investors expect to be the major catalyst that sends bitcoin to major new highs.
Traders are also weighing the minutes of the latest Federal Reserve meeting, which were also released the day of the Binance settlement and showed officials expressed little appetite for cutting interest rates anytime soon.
Firefly’s CEO Jason Kim reacts during the company’s IPO at the Nasdaq MarketSite in New York City, U.S., August 7, 2025.
Jeenah Moon | Reuters
Last week’s liftoff also coincided with President Donald Trump‘s “space superiority” executive order, signed on Friday, that aims to create a permanent U.S. base on the moon.
Investors have also gained more clarity on the future of NASA following a whirlwind drama since Trump won the election.
Last week, the Senate confirmed Jared Isaacman as NASA administrator more than a year after he was first nominated to the position.
Trump withdrew the nomination from the Elon Musk ally earlier this year amid a public fallout, but renominated Isaacman in November.
Transportation Secretary Sean Duffy was tapped to temporarily run the space agency in the interim.
Google parent Alphabet on Monday announced it will acquire Intersect, a data center and energy infrastructure company, for $4.75 billion in cash in addition to the assumption of debt.
Alphabet said Intersect’s operations will remain independent, but that the acquisition will help bring more data center and generation capacity online faster.
In recent years, Google has been embroiled in a fierce competition with artificial intelligence rivals, namely OpenAI, which kick-started the generative AI boom with the launch of its ChatGPT chatbot in 2022. OpenAI has made more than $1.4 trillion of infrastructure commitments to build out the data centers it needs to meet growing demand for its technology.
With its acquisition of Intersect, Google is looking to keep up.
“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership,” Sundar Pichai, CEO of Google and Alphabet, said in a statement.
Google already had a minority stake in Intersect from a funding round that was announced last December. In a release at the time, Intersect said its strategic partnership with Google and TPG Rise Climate aimed to develop gigawatts of data center capacity across the U.S., including a $20 billion investment in renewable power infrastructure by the end of the decade.
Alphabet said Monday that Intersect will work closely with Google’s technical infrastructure team, including on the companies’ co-located power site and data center in Haskell County, Texas. Google previously announced a $40 billion investment in Texas through 2027, which includes new data center campuses in the state’s Haskell and Armstrong counties.
Intersect’s operating and in-development assets in California and its existing operating assets in Texas are not part of the acquisition, Alphabet said. Intersect’s existing investors including TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners will support those assets, and they will continue to operate as an independent company.
Alphabet’s acquisition of Intersect is expected to close in the first half of 2026, but it is still subject to customary closing conditions.
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