For the first time since May 2022.. “Bitcoin” exceeds the $40,000 barrierEconomy |Today
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The price of the cryptocurrency "Bitcoin" exceeded the $40,000 barrier, in a strong return to recovery, reaching a level it has not exceeded since May 2022.
The American "Bloomberg" agency indicated today, Monday (December 4, 2023), that the currency rose by 2.9 percent, to reach $40,867, an increase in 2023 of up to 146 percent.
The last time the cryptocurrency reached such levels was in April 2022, before the collapse of the cryptocurrency TerraUSD , which contributed about $2 trillion to the digital currency market.
Bloomberg reported that the recent jump in the price of Bitcoin comes in light of expectations of a reduction in interest rates and an increase in demand from the exchange-traded funds sector.
There is currently increasing conviction among investors that the US Federal Reserve has completed its series of raising interest rates to combat inflation, and that there are possible cuts next year, according to Bloomberg.
In its jump during 2023, Bitcoin surpassed other assets such as global stocks and gold.
Despite this, Bitcoin's price is well below its all-time high of $69,000 in November 2021.
The collapse of Silicon Valley Bank last March, and the contagion it sparked across financial markets, led some cryptocurrency enthusiasts to turn to Bitcoin as a way to protect against fears of an economic collapse.
Source: Al Hurra