Bitcoin’s value has risen above $40,000, driven by excitement over US interest rate cuts. Traders are also expecting the US stock market to approve traded bitcoin funds soon.
On Monday, the biggest cryptocurrency Bitcoin reached $41,522, the highest since April 2022. The gloomy mood in cryptocurrency markets after FTX collapsed and other failures in 2022 appears to be lifting.
Justin d’Anethan, from Keyrock, said the recent 50% rally suggests a change from bearishness in 2022-2023.
He said institutional buying in November showed new interest. Reversals are possible, but lows around $16,000 a year ago likely marked the bottom.
Investor Microstrategy bought more than $593 million in bitcoin last week.
Lately, risky investments and assets, such as gold, have experienced an increase. Markets think the US Federal Reserve will lower rates in early 2023, not raise them.
The U.S. Securities and Exchange Commission won’t appeal a court decision from October. The court found the agency was wrong in refusing an application for an exchange-traded fund. This has led to speculation that approval is coming soon.
A spot bitcoin ETF might bring more money into the sector. It would let cautious investors buy crypto through the stock market.
On Monday, Ether, the coin linked to the Ethereum blockchain network, hit $2,253.
Bitcoin and ether are still much below their 2021 highs of $60,000 and $4,000।
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