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Bitcoin was seen trading over the psychologically important $40,000 level on Sunday evening with Ethereum and Dogecoin also showing an uptick in prices as the global cryptocurrency market cap rose 1.6% higher to $1.51 trillion.
Bitcoin crossed the $40,000 level for the first time since late April 2022, meanwhile, Ethereum was above the $2,200 level at the time of publishing.
The rise in Bitcoin prices comes amid a backdrop of a gradual rally, which has been fueled by expectations linked with the approval of a Bitcoin Spot ETF by the Securities and Exchange Commission.CryptocurrencyGains +/-Price (Recorded at 8:57 p.m. EST)Bitcoin BTC/USD +2.92%$40,660.97Ethereum ETH/USD +2.03$2,214.32Dogecoin DOGE/USD +0.15%$0.086
Sunday's Bitcoin action was in contrast with movement in other risk assets. Stock futures were largely flat at the time of publishing. On the other hand, Gold prices hit a record high on Friday. Notable Gold bull, Peter Schiff, was left unimpressed by Bitcoin's $40,000 move and pointed out that the precious metal has "completely broken out."
Top Gainer (24-Hours)CryptocurrencyGains +/-Price (Recorded at 8:57 p.m. EST)Terra Classic (LUNC)+37.3%$0.0002Terra (LUNA)+23.09%$0.99ORDI (ORDI)+18.87%$38.53
Analyst Takes: Cryptocurrency trader Michal van de Poppe said that Bitcoin was "up massively on the year" even when the sentiment was "we were going to have a really hard period."
#Bitcoin is acting close to $40K.
It’s up massively on the year, while the sentiment was that we were going to have a really hard period.
To be fair, we’ve experienced the longest bear market on #Altcoins in history.
Every one of you deserves the bull. Michal van de Poppe (@CryptoMichNL) December 3, 2023
It should be noted that Van de Poppe said earlier that spot Bitcoin ETF approvals could come between January 5 and January 10.
It’s pretty clear that between January 5-10th we’ll be seeing an approval or delay on the Spot #Bitcoin ETF applications.
Until that day, I don’t think we’ll have very large corrections, but a trend upwards. December is probably a good month in that regard with the hype. Michal van de Poppe (@CryptoMichNL) December 1, 2023 Loading… Loading… Loading…
Market intelligence platform, Santiment said in a post on X, formerly Twitter, that "#FUD & #FOMO toward the ongoing #ETF confirmation dates will dictate whether $50K arrives sooner rather than later."
? #Bitcoin has risen back above $40K for the first time since April 28, 2022, as the weekend is coming to a close in celebratory fashion. #FUD & #FOMO toward the ongoing #ETF confirmation dates will dictate whether $50K arrives sooner rather than later. https://t.co/ajHJOyBe2m pic.twitter.com/1dCsxaUxY3 Santiment (@santimentfeed) December 3, 2023
Photo by FellowNeko on Shutterstock
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