Bitcoin Soars Past $42K as Investors Bet on Rate Cuts, SEC Approval of Crypto ETFs
• Bitcoin surged past $42,000, extending the cryptocurrency's rally to over 150% this year • The price jump came as investors believe the Fed is done with rate hikes and will start cutting rates in 2024 • Other cryptocurrencies like Ethereum and Dogecoin also rose, lifting the overall crypto market • The rally fueled speculation that Bitcoin ETFs may soon be approved by the SEC • Bitcoin could hit $50,000 before a major correction due to momentum and next year's halving event, which will cut the supply issued to miners