{"id":2743,"date":"2023-12-04T12:23:06","date_gmt":"2023-12-04T12:23:06","guid":{"rendered":"https:\/\/cryptofunding.vc\/?p=2743"},"modified":"2023-12-04T12:23:08","modified_gmt":"2023-12-04T12:23:08","slug":"bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions","status":"publish","type":"post","link":"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/","title":{"rendered":"Bitcoin Surges to $40,000, Reaching a 19-Month Peak Amid Optimism for ETF Approval and Anticipation of Federal Reserve Rate Reductions"},"content":{"rendered":"\n<p><strong>KEY POINTS<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin Surges to $40,897 in Asia Time on Monday Morning, as per Coin Metrics Data.<\/li>\n\n\n\n<li>Bitcoin Surpasses $40,000 for the First Time in 2023, Fueled by Expectations of ETF Approval and Speculation on U.S. Interest Rate Reductions.<\/li>\n\n\n\n<li>Bitcoin has surged by over 145% since the beginning of the current year.<\/li>\n<\/ul>\n\n\n\n<p>Bitcoin confidently surpassed the $40,000 milestone for the first time this year on Monday in Asia, fueled by the optimistic outlook for a bitcoin exchange-traded fund approval and speculation on U.S. interest rate cuts.<\/p>\n\n\n\n<p>The world&#8217;s leading cryptocurrency exhibited a robust surge of over 4% in Monday&#8217;s Asian trading, reaching a 19-month high and peaking at $41,520 as of 12:30 am ET, as reported by Coin Metrics. Notably, this marks the first breach of the $40,000 level since May 2022, with Bitcoin boasting a remarkable 145% increase since the beginning of the year, according to LSEG.<\/p>\n\n\n\n<p>This impressive rally comes in the wake of recent market upheavals, including the November 2022 collapse of the FTX crypto exchange. In the aftermath, FTX founder Bankman-Fried faced legal consequences, being found guilty of all seven criminal charges related to the downfall of his crypto empire.<\/p>\n\n\n\n<p>Antoni Trenchev, co-founder of digital asset company Nexo, expressed confidence in Bitcoin&#8217;s trajectory, stating, &#8220;Now that $40,000 has been revisited for the first time in almost 19 months, $48,000 and $52,000 look to be the next significant lines in the sand.&#8221;<\/p>\n\n\n\n<p>A noteworthy development contributing to market optimism is the reported meeting between U.S. Securities and Exchange Commission officials and representatives from Grayscale, BlackRock, and the Nasdaq. The SEC, in a memo, disclosed discussions with Grayscale regarding the potential conversion of the Grayscale Bitcoin Trust into an ETF. Despite the SEC&#8217;s initial blockage, Grayscale successfully challenged the decision in court, instilling confidence in the market that a bitcoin ETF might receive approval.<\/p>\n\n\n\n<p>Anticipating the potential impact of a spot-Bitcoin ETF approval, Trenchev remarked, &#8220;How swiftly Bitcoin marches towards $50,000 might well depend on when a spot-Bitcoin ETF is approved, and even then, there&#8217;s no guarantee the much-anticipated nod from the SEC will put a rocket booster under the price.&#8221;<\/p>\n\n\n\n<p>Federal Reserve Chairman Jerome Powell&#8217;s recent comments during a December 1 fireside chat also played a role in shaping market sentiment. Powell suggested that it&#8217;s premature to discuss interest rate cuts at present, emphasizing the Fed&#8217;s commitment to a restrictive policy until confident about inflation returning to the 2% target. While hinting at a potential slowdown in spending and output, Powell&#8217;s remarks created expectations that the Fed might have concluded its series of rate hikes, although he did not rule out the possibility of further hikes in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KEY POINTS Bitcoin confidently surpassed the $40,000 milestone for the first time this year on Monday in Asia, fueled by the optimistic [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-2743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Surges to $40,000, Reaching a 19-Month Peak Amid Optimism for ETF Approval and Anticipation of Federal Reserve Rate Reductions - Crypto Funding<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Surges to $40,000, Reaching a 19-Month Peak Amid Optimism for ETF Approval and Anticipation of Federal Reserve Rate Reductions - Crypto Funding\" \/>\n<meta property=\"og:description\" content=\"KEY POINTS Bitcoin confidently surpassed the $40,000 milestone for the first time this year on Monday in Asia, fueled by the optimistic [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\" \/>\n<meta property=\"og:site_name\" content=\"Crypto Funding\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T12:23:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T12:23:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptofunding.vc\/wp-content\/uploads\/2023\/12\/blockchainheadhunter_money_Time-lapse_photography_8657c9be-9281-4673-9368-633f3d0832a6.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Crypto Funding Reporter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Crypto Funding Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\"},\"author\":{\"name\":\"Crypto Funding Reporter\",\"@id\":\"https:\/\/cryptofunding.vc\/#\/schema\/person\/dcb842c822f9d7d9a7a588cc294ed01d\"},\"headline\":\"Bitcoin Surges to $40,000, Reaching a 19-Month Peak Amid Optimism for ETF Approval and Anticipation of Federal Reserve Rate Reductions\",\"datePublished\":\"2023-12-04T12:23:06+00:00\",\"dateModified\":\"2023-12-04T12:23:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\"},\"wordCount\":445,\"publisher\":{\"@id\":\"https:\/\/cryptofunding.vc\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\",\"url\":\"https:\/\/cryptofunding.vc\/bitcoin-surges-to-40000-reaching-a-19-month-peak-amid-optimism-for-etf-approval-and-anticipation-of-federal-reserve-rate-reductions\/\",\"name\":\"Bitcoin Surges to $40,000, Reaching a 19-Month Peak Amid Optimism for ETF Approval and Anticipation of Federal Reserve Rate Reductions - 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