Bitcoin has broken above $40,000 for the first time in 2023. This, due to a broad enthusiasm about US interest rate cuts and also as traders are anticipating approval of US stockmarket traded bitcoin funds.
At $40,210 Bitcoin hits its highest since April 2022 on Sunday trade. It was steady at $40,011 in thin trade early in the Asia day on Monday. Despite the alleged crypto winter, bitcoins has more than doubled this year.
Expectations on US Federal Reserve to pause the rate hike has propelled riskier investments and other interest-rate sensitive assets, such as gold to rally over the last few weeks. Reports of US Securities and Exchange Commission not appealing a court ruling that found the agency had been wrong to reject an exchange-traded fund application from crypto firm Grayscale Investments emerged in October. This have also driven the bitcoin prices up.
However, Bitcoin still remains below its 2021 record highs of $60,000