Bitcoin Surpasses $41,000, Hits 20-Month High Amid ETF Approval Hopes
Bitcoin's value soared to over $41,000, reaching its highest point in two years, fueled by optimism surrounding the potential approval of exchange-traded funds (ETFs).
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In a notable development for the cryptocurrency market, Bitcoin surged to a level surpassing $41,000 on Monday, reaching its highest point in 20 months. This positive momentum was fueled by optimistic expectations surrounding the potential approval of exchange-traded funds (ETFs) for Bitcoin.
The world's leading cryptocurrency experienced a daily gain of 5.65%, peaking at $41,688 at 0530GMT. This milestone marked its highest valuation since April 2022. Concurrently, the overall value of the cryptocurrency market exhibited a 3.77% daily increase, reaching $1.54 trillion, as reported by CoinMarketCap, a digital asset price-tracking website.
Contributing to this upward trend was the reassuring data indicating a slowdown in inflation within the United States. This factor has heightened expectations that the Federal Reserve has concluded its series of interest rate hikes.
Notably, Bitcoin's weekly price surge exceeded 11% as of Monday, reflecting a growing confidence among investors. Market sentiment is notably positive, with professional investors displaying increased interest in the cryptocurrency, driven by the anticipation of the U.S. Securities and Exchange Commission (SEC) approving ETFs designed for Bitcoin investments. This regulatory development is seen as a significant factor influencing the cryptocurrency's recent strong performance.
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