Bitcoin surpasses $41K amid ETF optimism
The cryptocurrency market witnessed a significant upsurge, with the total market value increasing by 3.77% to approximately $1.54 trillion.
Driving this surge, Bitcoin's price soared past the $41,000 mark for the first time in 20 months on Monday, fueled by anticipations of exchange-traded funds (ETFs) receiving approval.
Bitcoin, the world's largest cryptocurrency, experienced a notable 5.65% increase within a day, reaching a peak of $41,688 at 0530 GMT. This level, a record since April 2022, reflects the market's positive sentiment.
CoinMarketCap, a prominent digital asset price-tracking website, reported the total crypto market's value grew by 3.77% to $1.54 trillion. This growth aligns with data indicating a slowdown in US inflation, leading to expectations that the Federal Reserve might halt interest rate hikes.
As of Monday, Bitcoin's weekly price rise surpassed 11%, marking a significant gain.
The US Securities and Exchange Commission (SEC) is reportedly on the verge of approving ETFs for Bitcoin investments. This potential move is generating increased interest among professional investors, adding to the cryptocurrency's momentum.
