Posted 12/1/2023, 5:00:00 PM
Bitcoin Price Jumps to $40K on Prospect of SEC Approval, Fed Rate Cuts, and Return of Crypto Investors
- Bitcoin price surged near $40K, hitting its highest level since the May 2022 TerraUSD stablecoin collapse
- Factors driving the price increase include potential SEC approval of a Bitcoin ETF, lower inflation signaling future Fed rate cuts, and a stabilizing dollar
- Markets are pricing in 5 quarter-point Fed rate cuts by end of 2024 as economic growth slows
- Bitcoin's price has tracked closely with the Nasdaq, which has surged 39% from December lows
- Stablecoin market cap increased for the first time since May, possibly signaling return of leverage-fueled crypto trading