Bitcoin hits $41,000 mark for first time since May 2022. Is crypto headed to record high levels?
crypto market is witnessing its best performance since April 2022, with Bitcoin crossing the $41,000 mark. Experts say growing confidence in the crypto market is driven by expectations of the US Federal Reserve cutting interest rates in 2024 and the eventual approval of a Bitcoin ETF, which could boost the price of the world's largest cryptocurrency.
The digital asset has skyrocketed this year, rising nearly 150%, with expectations growing that US regulators will allow the creation of ETFs.
«The sentiment is upbeat because the buzz is that the Bitcoin ETF could be approved as early as by January 15, 2024. The market is buzzing with optimism as it is a catalyst for wider institutional acceptance and integration of Bitcoin into mainstream financial portfolios. This sentiment is intertwined with the upcoming Bitcoin halving, an event historically associated with price increases due to the resulting supply shock,» said Rajagopal Menon, Vice President at WazirX.
Bitcoin was trading above $41,600 at around 5:27 pm on Monday.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details»The world's largest cryptocurrency remains well below its 2020 record price of nearly $69,000, but the rally marks a recovery following the high-profile scandals and collapses that rocked the crypto industry.
Edul Patel, CEO & Co-Founder of Mudrex, said, «With Bitcoin crossing $41,000 today, the market
