• News
    • Tech News
    • AI
  • Gadgets
    • Apple
    • iPhone
  • Gaming
    • Playstation
    • Xbox
  • Science
    • News
    • Space
  • Streaming
    • Netflix
  • Vehicles
    • Car News
  • Social Media
    • WhatsApp
    • YouTube
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • LADbible
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
TikTok
Snapchat
WhatsApp
Submit Your Content
Bitcoin nears $42,000, its highest level since April 2022

Home> News> Tech News

Published 10:19 5 Dec 2023 GMT

Bitcoin nears $42,000, its highest level since April 2022

This is why the cryptocurrency is seeing such a surge right now.

Prudence Wade

Prudence Wade

In a turn of events that’s got everyone from Wall Street to your mate Dave talking, Bitcoin has just blasted past the $40,000 mark.

This is the first time the behemoth of cryptocurrencies has hit these dizzying heights since back in April 2022, and the internet is buzzing about the news.

But why is it such a big deal?

NurPhoto / Contributor / Getty Images

Advert

Early Monday, Bitcoin's price soared to a jaw-dropping $42,089, bringing on what analysts are calling a seismic shift in the crypto world.

This isn't just a small bump - this is a huge surge which has meant Bitcoin's value has skyrocketed around 50% in less than two months.

The reason behind the recent spike?

Word on the street is that the United States Federal Reserve might be done hiking up interest rates, with whispers of a cut coming in the new year. Also, rumors are swirling about US regulators possibly giving the go-ahead to a Bitcoin exchange-traded fund (ETF).

Advert

For those not in the know, an ETF is a type of investment that bundles together various assets like stocks or bonds, and its shares can be bought and sold on the stock market like individual stocks.

Back in October, the world’s largest asset manager, BlackRock, listed a collection of ETFs called iShares and there’s an expectation that US regulators may soon approve it. This is what’s helping to push up valuations, according to Reuters, since it’s not just big news for Bitcoin holders.

As a result, the spike in the currency’s value has also sent shares of cryptocurrency-related companies and ETFs sky-high.

SOPA Images / Contributor / Getty Images

Advert

For example, Ethereum, the cool younger sibling of Bitcoin, isn't far behind. It's also seen a massive surge, climbing past $2,200 for the first time in 18 months.

This Monday surge isn’t just any old price bump. It’s a major deal, especially considering the crypto carnage we witnessed last year with the TerraUSD and Luna coin collapse when $40 billion vanished from the crypto market. And let’s not forget the drama with Singapore’s Three Arrows Capital and Celsius going belly up.

In short, Bitcoin is making a comeback that’s turning heads and raising eyebrows. Whether you’re a crypto guru or just crypto-curious, this is one rollercoaster you’ll want to keep your eyes on. Stay tuned, folks, because if there’s one thing we know about Bitcoin, it’s that it’s full of surprises.

So what will happen next? Well, rumor has it that the Securities and Exchange Commission (SEC) - the US government oversight agency responsible for regulating the securities markets and protecting investors - might approve multiple spot bitcoin ETFs as early as January.

Advert

Investors are banking on this and expecting traditional financial investors, like banks or investment funds, to invest large amounts of money into the market as a result.

Regardless, reports suggest that we can expect Bitcoin's recent upswing to be more than a fleeting moment.

Featured Image Credit: Credit: NurPhoto / Contributor / SOPA Images / Contributor / Getty
Bitcoin

Advert

Advert

Advert

  • 50 Cent made stunning fortune overnight after discovering lost Bitcoin investment he bought for $455,000
  • Stunning amount 50 Cent's $455,000 Bitcoin investment is worth today after 2014 investment
  • Early Bitcoin buyer who invested $7,793 activates wallet after 14 years to find insane fortune waiting
  • Student forgot he invested $27 in Bitcoin for school project and returned to stunning fortune years later

Choose your content:

26 mins ago
an hour ago
3 hours ago
  • 26 mins ago

    Solar panels illegal in 49 states could transform energy for the USA

    A YouTuber showed how the solar panels can be plugged into a home outlet

    Science
  • an hour ago

    People are using sinister 'dead grandma trick' to fool ChatGPT into giving them secret information

    We never knew ChatGPT had a heart

    News
  • an hour ago

    Why Americans are blocked from driving the 'world's best electric car'

    The Chinese electric vehicle is being blocked from entering the US market

    News
  • 3 hours ago

    Man lost $4,800,000 after throwing away this computer part in 'biggest mistake he's ever made'

    The unlucky man threw away millions of dollars worth of Bitcoin

    News