Posted 12/4/2023, 4:52:30 PM
Bitcoin Surges Past $40K, Sparking Crypto Rally on Institutional Interest and Rate Outlook
- Bitcoin jumped above $40K over the weekend, triggering a crypto rally
- Multiple potential catalysts behind the price surge, including institutional interest and prospects of a Bitcoin ETF
- Fed Chair Powell pushed back against market expectations of rate cuts in 2024
- Study claimed each Bitcoin payment consumes as much water as a swimming pool, but calculations are flawed
- Media reporting on Bitcoin's water use often inaccurate and fails to differentiate between direct and indirect consumption