December 4, 2023

Bitcoin Surpasses $40,000 Mark, Achieving Milestone Unseen Since April 2022

Bitcoin has soared past the $40,000 mark, extending its recent upward trend driven by heightened speculation surrounding the potential approval of a spot ETF in the U.S. Meanwhile, ether has also experienced a surge in value.

Bitcoin's impressive resurgence persisted throughout the weekend, culminating in the cryptocurrency surpassing the $40,000 threshold on Sunday.

BTC/USD (weekly chart)

This marks the first time bitcoin has reached such heights since April 2022, just before a significant downturn in the broader cryptocurrency market. The nearly 20-month peak signifies a 15% climb over the past 30 days, with the cryptocurrency's value more than doubling compared to the same period last year.

The recent price surge, accompanied by increased volatility, has had repercussions for over-leveraged traders, leading to a surge in total liquidations exceeding $200 million over the past weekend.

The escalating price appears to be a reflection of sustained optimism and anticipation regarding the potential approval of a spot exchange-traded fund (ETF) in the United States. Several companies have submitted applications to operate such funds, and the U.S. Securities and Exchange Commission (SEC) has recently engaged in discussions with some of these firms.

ETH/USD (weekly chart)

Bitcoin (BTC) is not the sole cryptocurrency experiencing a weekend boost. Ether (ETH) is currently trading above $2,200, reaching this level for the first time since May 2022. While both coins have seen a modest 2% increase over the past 24 hours, their gradual upward trajectory has been notable. Additionally, various altcoins have witnessed substantial percentage gains.

Over the weekend, several popular NFT projects have observed increased price points. In well-known projects like Pudgy Penguins, DeGods, and Azuki, even the least expensive listed assets have recorded double-digit percentage gains in the past 24 hours, according to NFT Price Floor.

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