Bitcoin on Friday crossed the $11,460 mark, its highest July peak in eight years. The cryptocurrency gained about 23% in July.

What To Know: Analysts said the spike could be an outcome from the directive of U.S. officials that allowed all nationally chartered banks to open and maintain crypto wallets for their customers.

“There’s definitely a more bullish sentiment since that announcement came out and as we’ve all seen, has resulted in an upward movement,” Michael Rabkin, head of institutional sales at DV Chain, told Coin Desk.

A positive news cycle on the crypto market is boosting the market, he said.

According to various sources and DeFi Pulse, funds on Defi Platforms stands at over $4 billion.

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