Bitcoin surpasses $40,000 for the first time this year, due to bets on U.S. interest rate cuts and anticipation of the approval of a bitcoin exchange-traded fund. This is the first time that the price of the world’s largest cryptocurrency has surpassed $40,000 since May 2022 as popularity creates.
Bitcoin surpasses $40,000. Why is cryptocurrency once again on the rise?
As of May 2022, the cryptocurrency market is performing better than it has in years, with Bitcoin surpassing $41,000 and Ethereum surpassing $2,200 respectively. The recent surge has lifted the value of the entire cryptocurrency market to $1.54 trillion, a peak expected in 2023. Experts believe that the expectation of a US Federal Reserve interest rate decrease in 2024 and the possibility of approval of a Bitcoin ETF, which might raise the value of the biggest cryptocurrency in the world, have contributed to the growing confidence in the cryptocurrency market.
“A robust regulatory framework with an emphasis on investor protection may result from the US Committee on Financial Services holding a hearing on digital assets on December 8th, which would be extremely advantageous for the larger digital asset market. Shivam Thakral, CEO of BuyUcoin, the second-oldest digital asset exchange in India, stated, “We can expect this momentum to sustain in the coming weeks. The growing optimism surrounding Bitcoin ETF approval will continue to create waves of positive sentiments within the global digital asset community.”
As momentum increases, Bitcoin surpasses $40,000 for the first time since May 2022
Data shows that after toying with the $40,000 mark for a few days, the price of bitcoin finally broke through on Monday, Bitcoin trading at $41,400 as of the time of this writing, a gain of almost 5% in a day. At $2,240, ether traded hands, up a comparable percentage over the previous day.
The price of the biggest and most established cryptocurrency in the world decreased below $40,000 in April 2022, but it has since rebounded over the last several months, mostly as a result of dovish remarks made by U.S. central bankers and expectations that a spot bitcoin exchange-traded fund (ETF) would be allowed to debut in this country.
At $41,627, it was up 4% as of recently. Having Bitcoin up more than 145% from the beginning of the year, its 50% surge since mid-October “seemed to mark a decisive shift away from the bearishness of 2022 and early 2023.”
Bitcoin surpasses a 19-month high of $40,000 due to hopes for ETFs.
The biggest cryptocurrency in the world increased by more than 4% on Monday in Asia to a 19-month high, trading as high as $41,520. Last week, U.S. Securities and Exchange Commission officials met with representatives from the Nasdaq, BlackRock, and Grayscale, according to a report by CNBC. The SEC said in a memo that it met with Grayscale on Thursday to discuss the possibility of turning the Grayscale Bitcoin Trust into an exchange-traded fund (ETF). Grayscale successfully contested the SEC’s earlier judgement to prohibit this action in court.
The price of the biggest cryptocurrency in the world increased as a result of the market’s increased optimism that a bitcoin ETF would eventually be approved.
When a spot-Bitcoin ETF is allowed may determine how quickly Bitcoin moves towards $50,000, and even then, there’s no assurance that the SEC’s much-anticipated approval will send the price skyrocketing.
Investors have celebrated the beginning of a new bull market, with an increasing number of voices predicting new all-time highs for bitcoin above $100,000 in 2024. Cryptocurrency prices are rising due to expectation over the halving of bitcoin and the approval of a bitcoin ETF in the United States early in 2019. This year, the bitcoin price has increased by almost 120%, and many people believe this trend will continue until 2024.
the halving of bitcoin, which is set to take place in May 2024 and repeats every four years. The bitcoin network is maintained by miners, who get paid half as much for their labour. This is known as halving. This typically serves as the catalyst for a fresh upswing and maintains a limit on the quantity of bitcoin, of which there will only ever be 21 million coins.
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