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Bitcoin exceeded the $40,000 mark for the first time this year on Monday, December 4, in Asia, after expectations of US interest rate cuts.
The world's largest cryptocurrency rose more than 4% in Asia to a 19-month high, trading as high as $41,520 as of 12:30 a.m. EST, based on Coin Metrics data. This is the first time since May 2022 that Bitcoin has breached the $40,000 level, according to LSEG. Bitcoin is now up more than 145% since the beginning of the year.
This comes after the market was rocked by scandals including the collapse of cryptocurrency exchange FTX in November last year. Last month, FTX founder, Bankman Fred, was found guilty of all seven criminal charges against him related to the collapse of his cryptocurrency empire.
“Now that $40,000 has been revisited for the first time in nearly 19 months, it looks like $48,000 and $52,000 will be the next important lines in the sand,” said Anthony Trenchev, co-founder of digital asset firm Nexo.
CNBC reported last week that SEC officials met with representatives from Grayscale, BlackRock and Nasdaq. In a filing, the SEC said it met with Grayscale on Thursday about the potential conversion of the Grayscale Bitcoin Trust into an ETF. The SEC had previously blocked the move, but Grayscale challenged that decision in court and won.
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