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The price rally of Bitcoin (BTC) continued over the weekend, with the token finally crossing the $40,000 threshold for the first time since April 2022.
Bitcoin, alongside other cryptocurrencies, experienced a sudden decline in value in mid-2022 due to the crypto winter. The situation was further exacerbated by the collapse of FTX, Celsius Network, and many other crypto platforms, causing the price of BTC to plummet as low as $15.7K in November 2022.
Fortunately, the token began its rebound earlier this year, and after staying under the $38.5K resistance over the past week, finally broke past the $40K barrier. The meteoric rise in BTC’s price can be attributed to the positive developments surrounding spot Bitcoin ETF applications.
After years of confusion surrounding the legality of crypto-based Exchange Traded Funds, Grayscale, Coinbase, and other firms have made tremendous progress in their ETF applications over the past months. Experts suggest that Bitcoin ETFs could receive regulatory approval as early as January 2024.
As of writing, Bitcoin is trading at $41,700, having climbed 5.75% in the last 24 hours alone. It is worth noting that Bitcoin is not the only token rallying: Ethereum (ETH) has also hit a 19-month high and is currently priced at $2,260.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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