- According to current data, after approximately a 9% price increase since November 27, a single Bitcoin has reached a value above $40,000 for the first time since April 2022.
- The Bitcoin price surged to its highest levels since April 2022, just before the broader cryptocurrency market downturn.
- The recent rise in Bitcoin is supported by the expectation of widely anticipated spot Bitcoin ETFs, expected to be approved in the coming months.
Bitcoin price managed to reach the highest levels seen since April 2022 before the weekly close: 1 Bitcoin is 40K dollars!
Bitcoin Price Reaches $40,000
According to current data, after approximately a 9% price increase since November 27, a single Bitcoin has reached a value above $40,000 for the first time since April 2022. The rest of the cryptocurrency market has also recovered in recent days, with the total market capitalization of cryptocurrencies increasing by 1% in the last day.
[COINOTAG NEWS]
Bitcoin price has reached the $40,000 level for the first time since May 2022! 💸
This news published on COINOTAG PRO 10 seconds ago. pic.twitter.com/ARq0DQIiCm
— COINOTAG NEWS (@coinotagen) December 3, 2023
The Bitcoin price surge, just before the broader cryptocurrency market downturn, marks the first time it has been this high since April 2022. Bitcoin being near its peak for the past 20 months represents a 15% increase in the last 30 days, more than doubling its price since this time last year.
The recent surge in Bitcoin is supported by the expectation of widely anticipated spot Bitcoin ETFs being approved in the coming months. These ETFs are funds that trade in real-time at the current Bitcoin price, and according to analysts, the recent request for public opinion by the U.S. Securities and Exchange Commission (SEC) may indicate an accelerated timeline for SEC approval of a Bitcoin ETF.
Despite applications from major asset managers such as BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex, and Franklin Templeton, the SEC has not yet approved a Bitcoin ETF. Pando Asset, a Swiss asset manager, recently became the latest company seeking approval for a spot Bitcoin ETF, filing an S-1 form with the SEC.
Numerous companies have applied to operate ETFs, and the U.S. Securities and Exchange Commission (SEC) is currently in talks with some firms. It is known that BlackRock and Grayscale have frequent meetings with the SEC.
Altcoin market also sees movement
Bitcoin is not the only cryptocurrency experiencing a weekend surge. Today, Ethereum is trading above $2,200 for the first time since May 2022. While Solana’s price has risen to $64, XRP touched $0.626. Although there are not significant increases in altcoins, the strong surge in the Bitcoin price has been welcomed with enthusiasm throughout the entire crypto world.
