Bitcoin is back above $40,000, continuing its recent rise amid anticipation over a potential spot ETF approval in the U.S. And ETH is up too.

Bitcoin‘s recent rebound continued apace over the weekend, with the price of the leading cryptocurrency passing $40,000 on Sunday afternoon per data from CoinGecko.

It’s the first time that the price of Bitcoin has been that high since April 2022, right before the broader cryptocurrency market plunged. Bitcoin’s near 20-month peak represents a 15% climb over the past 30 days, with the price of the coin more than doubling since this time last year.

The rising price appears to reflect continued optimism and excitement over the anticipated approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Numerous companies have filed applications to operate them, and the U.S. Securities and Exchange Commission (SEC) has recently been meeting with some of the firms.

Bitcoin isn’t the only cryptocurrency to rise over the weekend. Ethereum is trading above $2,200 today for the first time since May 2022.

This story is breaking and will be updated with additional detail.

The post Bitcoin Hits $40,000 for First Time Since April 2022 appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ December 3, 2023 10:52 pm