Around 8:30 a.m., the world's largest cryptocurrency jumped to nearly 40,800 USD per coin, the highest level since the end of April 2022.
This morning, the world's largest cryptocurrency skyrocketed to 40,000 USD per coin. After only about 20 minutes, Bitcoin accumulated another 100 USD and then quickly went backwards. But then, this currency jumped to more than 40,200 USD. At around 8:30 a.m., the market price approached 40,800 USD per unit, an increase of nearly 1,000 USD compared to yesterday's closing price.
Bitcoin currently has a market price more than double compared to the beginning of the year. This is also the highest price since the end of April 2022, nearly 20 months
Other currencies also responded to the increase. Ethereum is trading near $2,210, up more than 2%. Most of the other top 10 cryptocurrencies by capitalization recorded price increases.
The price of the world's largest and oldest cryptocurrency fell below $40,000 in April 2022, but has rebounded over the past few months. The market's excitement is largely due to dovish comments from US regulators on cryptocurrencies and hopes that a spot Bitcoin exchange-traded fund (ETF) could be established soon.
Besides, investors also believe that the US Federal Reserve (Fed) has completed its roadmap to increase interest rates and will begin cutting them early next year. This reason is also the driving force that helps large risk investment channels and other interest rate-sensitive assets, such as gold, also increase sharply in the past few weeks.
In addition, the more "mature" cryptocurrency market is also a factor that helps investors be optimistic. David Marcus - CEO of online payment platform Lightspark - told CNBC that after going through the speculative phase, the cryptocurrency market can focus on technology and practical application, "instead of just being a Huge digital casino for everyone to trade".
The bullish scenario for 2024 is also being hotly discussed as the Bitcoin halving, an event that cuts miners' rewards by 50% and takes place every four years, is expected to occur in May next year. This helps limit Bitcoin supply and is often the trigger for a new price increase.
Standard Chartered last week reiterated a forecast it released in April that Bitcoin would reach $100,000 by the end of 2024. The bank said the scenario would be driven by the approval of multiple ETFs. . According to them, a number of spot ETFs will be approved in the first quarter of next year for both Bitcoin and Ethereum, paving the way for many institutional investments.