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News 16 minus ago – Around 3 mins mins to read Key Points: Bitcoin surpassed $40,000, driven by expectations of interest-rate reductions and ETF demand. Investor confidence in the Federal Reserve’s halt on rate hikes and potential cuts has led to a global market rally. Bitcoin Reaches $40K Amidst ETF Hopes and rate cut expectations. It gained 1%, reaching $40,005, with a 142% jump in 2023. Market sentiment remains positive, supported by the potential for SEC approval and a maturing digital-asset market.  Bitcoin reached a milestone by surpassing $40,000 for the first time since May 2022. This surge in price was driven by expectations of interest-rate reductions and increased demand from exchange-traded funds (ETFs). The cryptocurrency gained about 1% to trade at $40,005, marking a 142% jump in 2023. The previous time Bitcoin reached this level was before the TerraUSD stablecoin collapse, which triggered a market-wide decline in digital assets. Investors are increasingly confident that the Federal Reserve will halt rate hikes as inflation cools, shifting the focus to potential rate cuts next year. This change in the economic landscape has led to a rally across global markets. Additionally, the digital-asset industry awaits the outcome of applications for the first US spot Bitcoin ETFs, with expectations of SEC approval by January. Bitcoin Reaches $40K Amidst ETF Hopes And Rate Cut Expectations Market analysts believe that Bitcoin’s optimism stems from the possibility of SEC approval for ETFs and anticipated rate cuts by the Federal Reserve in 2024. According to Bloomberg, technical chart patterns point to $42,330 as the next significant level to watch for. Despite facing regulatory crackdowns and legal issues, Bitcoin’s rebound from the 2022 crypto crash has remained resilient. Bitcoin Reaches $40K Amidst ETF Hopes And Rate Cut Expectations Proponents argue that the efforts to regulate the industry and…

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Filed under: News - @ December 4, 2023 2:58 am