Bitcoin rises above $42,000 for first time since April 2022
Bitcoin rose on Monday, briefly surpassing $42,000 to reach a 20-month high, in a new surge of momentum fueled by the possibility of U.S. interest rate cuts and traders betting that the U.S. will soon approve exchange-traded spot bitcoin funds.
The world's biggest cryptocurrency rose as high as $42,162 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year. It was up 6.49% at $41,311.26 as of 1605 GMT.
Bitcoin's gains lifted the shares of cryptocurrency-related companies, as well as exchange-traded funds (ETFs) listed in the United States.
Coinbase jumped 6.5% and Microstrategy gained nearly 6%, while bitcoin miners such as Riot Platforms, Marathon Digital and CleanSpark rose between 8% and 11%. Last week, Microstrategy disclosed it bought an additional $593 million in bitcoin during November.
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 ProShares Bitcoin Strategy ETF, which tracks bitcoin futures, rose 7.3%, while the ProShares Short Bitcoin Strategy ETF that allows traders to bet on a fall in bitcoin futures dropped 7.3%.
Bitcoin's «remarkable ascent» can be attributed to a «confluence of factors», that were buoying sentiment, Luuk Strijers, Chief Commercial Officer of crypto derivatives exchange Deribit, wrote in a note on
