Bitcoin Surpasses the Critical Level of $40,000: What Factors Triggered the Rally?
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– Advertisement – Bitcoin impressively surpassed the $40,000 barrier, marking a significant milestone that injected energy into the crypto space. This surge was further supported by a $15 million short position liquidation, indicating a strong bullish sentiment among investors. Under the visionary guidance of Michael Saylor, MicroStrategy further solidified its position as a significant Bitcoin supporter by purchasing an additional 16,130 BTC. Bitcoin price has successfully surpassed the long-awaited critical level of $40K: What factors influenced this success? Bitcoin Price Successfully Surpasses $40,000 Bitcoin impressively surpassed the $40,000 barrier, marking a significant milestone that injected energy into the crypto space. In the last 24 hours alone, a transaction volume of $23 billion was recorded, demonstrating intense market activity around the world’s leading cryptocurrency, further strengthening this rally. This surge was further supported by a $15 million short position liquidation, indicating a strong bullish sentiment among investors. The U.S. Securities and Exchange Commission (SEC) engaged in crucial discussions with seven applicants, including Grayscale and others applying for spot Bitcoin ETFs, aiming to foster this optimism. These meetings, especially those involving Grayscale’s CEO Michael Sonnenshein and custodian partner Coinbase, indicate an increasing interest in and potential change in regulatory attitudes toward crypto ETFs. Importantly, the SEC’s interactions were not limited to Grayscale. Discussions with giants like BlackRock and Hashdex, along with other major asset managers such as Bitwise, VanEck, Fidelity, and Invesco, demonstrate a comprehensive examination of the crypto ETF landscape. The discussions covered a variety of topics, ranging from technical issues like in-kind versus cash redemption models to broader regulatory implications. MicroStrategy’s Strategic Accumulation of Bitcoin Under the visionary guidance of Michael Saylor, MicroStrategy further solidified its position as a significant Bitcoin supporter by purchasing an additional 16,130 BTC. This latest acquisition, the third significant purchase since adopting a Bitcoin-focused strategy,…
Filed under: News - @ December 3, 2023 11:16 pm