As Momentum Builds, Bitcoin Breaks $40,000

Bitcoin has risen above $40,000 as traders anticipate the upcoming approval of U.S. stock market-traded bitcoin funds and the widespread excitement surrounding U.S. interest rate cuts.

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The value of the largest currency in the world reached a peak of $40,210 on Sunday, the highest since April 2022.

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Because it broke out of the so-called “crypto winter” that followed scandals, such as the bankruptcy of exchange FTX last year

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The markets have been betting that the U.S. Federal Reserve will finish hiking rates and begin reducing early in 2023.

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The record highs for ether and bitcoin in 2021, which were over $4,000 and $60,000, respectively, are still far below us.

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Previously, in US premarket trading, shares of stocks related to cryptocurrencies also increased.

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