Bitcoin up more than 5% near one-week high

Bitcoin, the world's largest cryptocurrency, rose more than 5.3% on Wednesday to $37,978, near a one-week high. It has risen about 125% so far this year.

While bitcoin remains far from the investment fever pitch it hit in late 2021, the crypto sector has enjoyed a rally in recent weeks as the expected end of central bank rate-hiking cycles draws cash back into high-risk assets.