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Bitcoin price surpasses $40,000 as rally continues

Bitcoin price surpasses $40,000 as rally continues

The BlockThe Block2023/12/03 22:48
By:The Block

Quick Take The price of Bitcoin has surpassed $40,000 for the first time since April 2022, bolstered by industry-wide enthusiasm around potential upcoming exchange-traded products.

Bitcoin price surpasses $40,000 as rally continues image 0

A single Bitcoin BTC + is worth more than $40,000 for the first time since April 2022 following a price rally of nearly 9% since Nov. 27, according to The Block's Price Page . The rest of the cryptocurrency market has also rallied in recent days, with the total market cap for cryptocurrencies up 1% in the past day. 

Bitcoin's recent rise has been fueled by industry-wide anticipation of spot Bitcoin ETFs, which trade Bitcoin at its real-time price, widely expected to be approved in the coming months. Analysts said the SEC's recent request for comment from the public may show the agency is on an accelerated timeline when it comes to Bitcoin ETF approval. 

The SEC has yet to approve a Bitcoin ETF, despite filings from major asset managers including BlackRock, Fidelity, 21Shares Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton. Swiss asset manager Pando Asset was the latest firm to file an S-1 form with the SEC, seeking approval for a spot Bitcoin ETF. 


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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