Over the past 24 hours, the capitalization of Bitcoin (BTC) grew by more than 11%, to $816.2 billion, which is more than that of Elon Musk’s Tesla and Warren Buffett’s Berkshire Hathaway fund, according to data Companiesmarketcap service, writes RBC Crypto.
On the morning of December 4, the Bitcoin rate surpassed $41 thousand and immediately reached $41,700, updating the previously set annual maximum. The last time Bitcoin traded above $40,000 was in April 2022. By data Coinmarketcap, as of 14:20 Moscow time, the cost of the first cryptocurrency is approximately $41,600.
In mid-October, the rate of the first cryptocurrency began to grow rapidly amid news of the possible approval of a spot exchange-traded fund (ETF) for Bitcoin by the US Securities and Exchange Commission (SEC). In less than a month, the price of Bitcoin has increased by almost $10 thousand.
Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission. The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.
At the end of November, Glassnode analysts published a report in which they estimated the volume of investment in the cryptocurrency industry after the approval of the Bitcoin ETF at $70 billion. According to experts, the current macroeconomic situation encourages investors to invest in safe assets and Bitcoin is perfect for this role.
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