Bitcoin surpasses the $40,000 milestone
Bitcoin reached the $40,000 level for the first time since May 2022. Bitcoin, the largest digital asset, rose above 40 thousand dollars as it continued to recover in 2023, on expectations of a decrease in interest rates and increased demand from the funds sector traded on the Stock Exchange .
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Bitcoin rose 2.9 percent to $40,867, falling just short of that target as of 10:33 a.m. Monday in Singapore , taking its 2023 jump to 146 percent. Bitcoin was last at these levels in April 2022, before the TerraUSD stablecoin crash that contributed to a $2 trillion decline in digital assets.
Investors are increasingly convinced that the Fed is done with rate hikes as inflation cools, and attention is turning to the likely size of next year's cuts. The changing backdrop triggered the rise in global markets. The crypto industry is also awaiting the outcome of applications from companies such as BlackRock to launch the first spot Bitcoin ETFs in the US. Bloomberg Intelligence expects some of these products to receive Securities and Exchange Commission approval by January.
“Bitcoin continues to be supported by optimism about SEC approval of ETF and Fed rate cuts in 2024,” market analyst Tony Sycamore of IG Australia Pty said in a note. Sycamore added that chart patterns point to $42,330 as the next level to watch. Bitcoin's resurgence after the crypto crash of 2022 has weathered a US crackdown that put Sam Bankman-Fried behind bars for fraud at FTX and handed criminal records and huge fines to leading crypto exchange Binance and its founder Changpeng Zhao.
source: bloomberg ht