Team Blitz India
NEW DELHI: Bitcoin topped $40,000 as the largest digital asset extended a 2023 rebound on expectations of interest-rate reductions and greater demand from the exchange-traded funds sector.
The token added as much as 2.9 per cent to reach $40,867 and was just shy of that mark as of 10:33 am December 4 in Singapore, taking its 2023 jump to 146 per cent. Bitcoin was last at such levels in April 2022, before the Terra $ stablecoin collapse that contributed to a $2 trillion rout in digital assets.
Investors are increasingly convinced that the Federal Reserve is done with rate hikes as inflation cools, turning the focus to the likely extent of cuts next year. The changed backdrop has fueled a rally across global markets.
The crypto industry is also awaiting the outcome of applications from the likes of BlackRock Inc. to start the first US spot Bitcoin ETFs. Bloomberg Intelligence expects a batch of these products to win Securities & Exchange Commission approval by January