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Business News/ Markets / Cryptocurrency/  Bitcoin surges 2.87% to its highest level this year
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Bitcoin surges 2.87% to its highest level this year

The surge in Bitcoin's value marks its peak since May 2022 just before the disruption of the TerraUSD stablecoin ecosystem

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello (REUTERS)Premium
Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello (REUTERS)

Bitcoin rallied to its highest price in 2023 as the cryptocurrency jumped 2.87% to a high of $38,834 on Friday. The surge in Bitcoin's value marks its peak since May 2022 just before the disruption of the TerraUSD stablecoin ecosystem, causing a ripple effect in the sector and initiating a gradual decrease in asset values. The second-largest token by market cap Ethereum is also doing well and is trading above the psychological benchmark of $ 2,000 with a price being $2,090.4 on 1 December.

Also Read: A ‘killer app’ could help crypto evolve past its current troubles

The rally is seen across the cryptocurrency market with other popular coins like Dogecoin, and Polkadot also reporting gains. The recent rally has infused the investors with fresh confidence as institutional investors have also shown interest in the cryptocurrency. Recently MicroStrategy Inc., the foremost publicly traded corporate entity holding Bitcoin, acquired an additional $593 million worth of the cryptocurrency. 

130% rebound this year 

The recent surge in Bitcoin has increased the chances of cryptocurrency hitting $40,000 by the end of December. The year 2023 has been great for Bitcoin as it rebounded about 130% following a challenging period for cryptocurrencies in 2022. As per Bloomberg News, the optimism around potential interest-rate reductions by the Federal Reserve in the coming year, coupled with the anticipation of the US permitting its inaugural spot Bitcoin exchange-traded funds, has contributed to a powerful combination of factors driving this positive trend.

“In order to get to $40,000, we just need that approval for the spot Bitcoin ETF," Fiona Cincotta, senior financial markets analyst at City Index Ltd. told Bloomberg. 

Also Read: This New BTC Alternative Is Sparking Interest Among Shiba Inu Holders

Amid the optimistic sentiment around Bitcoin, Bloomberg Intelligence anticipates that a group of spot Bitcoin exchange-traded funds (ETFs) in the United States will secure approval from the Securities and Exchange Commission by January.

 

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Published: 01 Dec 2023, 04:51 PM IST
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