Bitcoin Financial News

Bitcoin topped US$42,000 as frenzied speculation in cryptocurrencies gathers pace, extending the largest digital token’s rally to more than 150 per cent this year.

Bitcoin has broken above $40,000 for the first time this year as it rides a wave of momentum on broad enthusiasm about U.S. interest rate cuts and as traders anticipate the imminent approval of U.S.-stockmarket traded bitcoin funds. The world's biggest currency hit as high as $40,210 in Sunday trade, its highest since April 2022. It was steady at $40,011 in thin trade early in the Asia day on Monday. «We'll see if it sticks throughout the day, but bitcoin loves a break of big psychological levels, so it excites the bit-bugs again and adds to this momentum,» said Capital.com analyst Kyle Rodda. For the year, bitcoin has more than doubled as it has thrown off the doldrums of the so-called «crypto winter» that followed scandals including the collapse of exchange FTX last year.

On November 20, 2023, a critical meeting was held between the United States Securities and Exchange Commission (SEC) and representatives from BlackRock, Inc., and the Nasdaq Stock Market LLC. The meeting's primary focus was the discussion of the iShares Bitcoin Trust and its potential listing on Nasdaq as a spot Bitcoin exchange-traded fund (ETF).

Stocks and bonds retreated as traders pause after November’s blockbluster rally and debate the case for interest rate cuts. Bitcoin surged past $41,000, while gold briefly touched an all time high.

unregulated cryptocurrencies. “Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy.

Bitcoin price briefly broke through the $42,000 mark earlier today, gaining 6.6% in the last 24 hours.

Investing.com — U.S. futures traded lower Monday, handing back some of the previous month's strong gains at the start of a new week.

(Reuters) — Cryptocurrency-related stocks listed in the U.S. surged on Monday, looking to extend their strong November gains, as bitcoin topped $42,000 to hit a fresh high for the year.

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Investing.com — U.S. stocks are set to start the new week on a negative note, handing back some of the prior month's strong gains as traders await Friday's key jobs report. Bitcoin soars above $40,000, while crude retreats amid uncertainty over the actual extent of newly announced OPEC+ output cuts. The COP28 meeting is coming to an end, with its final agreement in dispute. 

Celsius Network LLC, a global cryptocurrency platform, is set to undergo a significant transformation following the confirmation of its Chapter 11 plan by the United States Bankruptcy Court for the Southern District of New York. This change comes after facing challenges with the U.S. Securities and Exchange Commission (SEC).

Majors rising across the board, stablecoin supply going up, and institutional money scrambling to get on-chain ahead of the Bitcoin ($BTC) Spot ETF. The trajectory is already clear and soon the pre-bull market phase will give way to the authentic bull market. That means another memecoin season is coming.

crypto assets, Bitcoin (BTC) and Ethereum (ETH). They are both time-tested networks and flag bearers of innovation in the space. These two assets also have the most regulatory acceptance globally. But for those willing to take bigger risks, the search for the next champion is already on. The recent price rally of Solana (SOL), Maker (MKR), and Chainlink (LINK), was a stark reminder. Even as BTC prices rose in line with speculations over a spot ETF, altcoins with lower market caps saw an exponential jump in prices, as risk capital poured in seeking alpha, or “market-beating” returns. But there is a pattern in these riskier bets as well. The key themes these investors are looking for are faster and more scalable Layer-1 chains, real-world tokenization, and convergence of traditional and decentralized finance. These trends are not isolated phenomena; they are interconnected and mutually reinforcing, driving innovation. Quest for fastest Layer-1 chains The quest for scalability has become a central focus in blockchain development. Layer-1 chains, the underlying infrastructure of blockchain networks, often face limitations in handling high transaction volumes without compromising speed, decentralization, or security. This is particularly challenging for applications that require real-time transactions or a large number of concurrent users.

BlackRock, the world's preeminent asset manager with over $9 trillion in assets under management, has recently filed for a Bitcoin spot ETF. This move sent shockwaves across the financial world and prompted other industry giants like Fidelity, Invesco, Wisdom Tree, Bitwise and VanEck to follow suit. The development is ironic considering BlackRock CEO Larry Fink dismissed Bitcoin as little more than an index for global money laundering in 2018. The market celebrated BlackRock's change of heart, propelling Bitcoin's value past the $35,000 mark, up 100% since the start of the year. An Exchange-Traded Fund (ETF) is a versatile investment vehicle that has gained immense popularity among investors. Unlike a traditional stock, which gives you ownership in a single company such as TCS, Infosys, or Wipro, an ETF is a diversified collection of stocks or other assets. Imagine a basket named TIW that holds shares from TCS, Infosys, and Wipro. This basket is then listed on a stock exchange like the NSE, making it accessible to the general investing public. The term «Exchange-Traded Fund» is derived from the fund's ability to be traded openly on an exchange, just like individual stocks.

Bitcoin soared to its highest price so far this year, as investors took on more risk ahead of comments from Federal Reserve Chair Jerome Powell which could give guidance on whether the US is closer to lowering interest rates. The world’s largest cryptocurrency rallied as much as 2.87% to a high of $38,834 on Friday. Prices of other digital assets tracked by Bloomberg, such as Ether and Solana, were also up more than 2%. Bitcoin’s jump constitutes the token’s highest value since May 5 last year, just before the collapse of the TerraUSD stablecoin ecosystem rocked the sector and began a steady decline in asset prices. European stocks also advanced and the dollar fell, with Powell set to speak at Spelman College in Atlanta later on Friday. US futures edged higher while Treasuries were steady, as investors tried to gauge whether November gains across asset classes still have further to run. “The macro environment is expected to remain a robust tailwind for crypto,” said Markus Thielen, head of research and strategy at Matrixport, in a note on Friday. “Another decline in inflation is anticipated, prompting the Federal Reserve to likely initiate interest rate cuts. Combined with geopolitical crosscurrents, this healthy dose of monetary support should push Bitcoin to new highs in 2024.”

Bitcoin’s chances of hitting $40,000 are top of mind for crypto speculators as they head into the final stretch of a year during which the largest digital asset more than doubled in price. The token has rebounded about 130% over the past 11 months from 2022’s crypto rout, outstripping investments like stocks or gold. Hopes for Federal Reserve interest-rate cuts next year, and expectations that the US will allow its first spot Bitcoin exchange-traded funds, together created a potent elixir. The rally weathered a US crackdown that put Sam Bankman-Fried behind bars for fraud at FTX and handed top crypto exchange Binance and its founder Changpeng Zhao rap sheets and big fines. For optimists, the drive to curb questionable practices and the recent flurry of ETF applications point to a maturing industry and the potential for wider crypto adoption. “In order to get to $40,000, we just need that approval for the spot Bitcoin ETF,” said Fiona Cincotta, senior financial markets analyst at City Index Ltd. The token recently lost some steam, in part as big swings in equities and currencies attracted the attention of investors, she said.

Grayscale, which manages the Grayscale Bitcoin Trust (GBTC), was in the news after it updated its trust agreement for the first time since 2018. According to reports, the move is to optimize the GBTC fund and reportedly upgrade it as a spot Bitcoin exchange-traded fund (ETF).

Bitcoin (BTC) enthusiasts may have been receiving bad news in recent days, but the price of the coin seems unaffected. Meanwhile, Cosmos (ATOM) has also gained in value after the announcement of Eden. Meanwhile, investors are turning towards a new mystery token with the potential for 150% gains.

cryptocurrency, jumped 5.2% to $41,476 in Monday's trade amid excitement about US interest rate cuts and as traders anticipate the imminent approval of US stock market traded bitcoin funds. This is the first time that Bitcoin crossed the $41,000 mark in the last 19 months. Meanwhile, Ethereum, the second largest cryptocurrency, surged 4.4% to $2,251.8 amid a broader rally in the crypto markets. The global cryptocurrency market cap also surged 4.18% to around $1.54 trillion in the last 24 hours. «The crypto market is witnessing its best performance since May 2022 with Bitcoin and Ethereum breaching the $41,000 and $2,200 mark respectively. The US Fed is expected to cut the interest rate in 2024 and that may boost the liquidity in the market, we may be witnessing early signs of the same,» said Shivam Thakral, CEO of BuyUcoin. «The US Committee on Financial Services calling a December 8 hearing on digital assets may lead to a strong regulatory framework focussing on investor protection, which could prove highly beneficial for the broader digital asset market. The growing optimism around Bitcoin ETF approval will continue to create waves of positive sentiments within the global digital asset community and we can expect this momentum to sustain in the coming weeks,» he said.

Jason Lowery, a member of the United States Space Force, has proposed the use of proof-of-work (PoW) networks, like Bitcoin (BTC), as a means to protect the country from cyber-inflicted warfare. 

In a striking display of market dynamics, Bitcoin’s price surged to $40,630, marking a notable 3.50% increase on Monday. This uptrend in Bitcoin’s value coincides with a weakening US Dollar, as market speculation intensifies around potential Federal Reserve rate cuts.