Bitcoin Is Back Above USD 40,000

London: 04 December 2023 (TraderMade): Bitcoin and Ether hit their highest values in 2023. Bitcoin briefly surpassed $42,000, shooting at a 20 month high. Expectations of a US interest rate cut and optimism regarding American regulators' approval of ETF Bitcoin funds fuel this surge.

Bitcoin, the world's largest cryptocurrency, reached $42,162, the highest since April 2022. It is showing an 8.27% increase. This upward momentum is further supported by increased institutional engagement.

Despite the past concerns of the Crypto market, such as FTX collapse and other Crypto businesses last year, the current market sentiment looks positive. The Pro Shares Bitcoins strategy ETF tracks Bitcoin coin futures rose by 7.5%. However, the ProShares Short Bitcoin Strategy ETF, which allows traders to bet on a fall in Bitcoin futures, showed a decline of 7.5%. Bitcoins' remarkable ascent can be attributed to several buoying factors.

Bitcoin is up by more than 150% till now this year. Bitcoin is rallying on a positive momentum with the biggest yearly gain since 2020. Ether is the coin linked to the Ethereum blockchain network. It also rose by more than 6%, hitting $2,274.88.