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Bitcoin above $41K with ETF hopes

4 December 2023 19:05 (UTC+04:00)
Bitcoin above $41K with ETF hopes

Bitcoin saw its price rising over $41,000 level for the first time in 20 months on Monday with hopes that exchange-traded funds (ETFs) would get approval, Azernews reports, citing Anadolu Agency.

The price of the world's biggest cryptocurrency posted a daily hike of 5.65% to hit as high as $41,688 at 0530GMT, marking its highest level since April 2022.

The total value of the crypto market grew 3.77% on a daily basis to $1.54 trillion, according to data from the digital asset price-tracking website, CoinMarketCap.

This was also supported by data showing that inflation was slowing down in the US, fueling the expectations that the Fed had ended interest rate hikes.

The weekly price rise of Bitcoin exceeded 11% as of Monday.

The US Securities and Exchange Commission (SEC) is expected to approve ETFs for investments in Bitcoin, which is boosting professional investors' interest in the cryptocurrency.

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